Demand

Which of these best describes the law of demand?

• if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up

• if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down

• there is no law of demand, each situation is unique and demand and prices cannot be predicted

• prices will go up for certain goods when quantity demanded goes up and vice versa

The graph represents which concept of demand

• Change in Price

• Decrease in Demand

• Change in Quantity Demand (Slide)

• Change in Demand (Shift)

What is the only factor that causes a change in quantity demanded (Slide) along a demand curve?

• population

• income

• price

• tastes and preferences

When the price of hot dogs decreases and the demand for hot dog buns increases, this explains the demand of

• Complementary goods

• Capital Goods

• Substitute Goods

• Consumer Goods

The law of demand states that

• price and quantity demanded are inversely related

• the larger the number of buyers in a market, the lower will be product price

• price and quantity demanded are directly related

• consumers will buy more of a product at high prices than at low prices

The phrase "a change in demand" most directly implies a 

• movement along the curve
• movement along the price curve
• change in quantity demanded of a good
• shift in the demand curve

Iceberg & romaine are two different types of lettuce. For most consumers, iceberg and romaine are 

• complements
• substitutes
• inferior goods
• resources

Which of the following pairs is an example of substitutes?

• Cereal and Milk

• calculators and iPods

• Gatorade and Powerade

• water skiing and skateboarding

Which of the following are

non-examples of complements?

• football jersey and shoulder pads

• iPod and iPad

• bicycle and helmet

• computer and charging cord

When the price of something increases, the quantity demanded ___?

• decreases

• reverses

• increases

• remains the same