Microeconomics: Demand

Select all that apply. These are the targets of "Law of Demand"

• Summary

• Knowledge

• Reasoning

• Skill

If all things are equal, consumers will demand more of a product as its price decreases

• True

• False

If all things are equal, consumers will demand less of a product as its price inreases

• True

• False

Lower prices = consumers will buy less

• True

• False

Higher prices = consumers will buy more

• True

• False

Select all that apply. Demand can change in two ways

• Change in "Quantity Demanded"

• Change in "Price"

• Change in "Demand"

Change in "Quantity Demanded"

• Supply change

• Price change, from one "quantity" to another

• Change along the demand curve

Change in "Demand"

• Shift of the entire demand curve either "left" or "right"

• Price change, from one "quantity" to another

• More items will be demanded at every price

Select all that apply. 3 Factors that will increase demand.

• Consumers have more money

• Consumers leave the market

• Consumers enter the market

• Consumers effect good things to happen in the future

Select all that apply. 3 Factors that will increase demand.

• Consumers have less money

• Product is fad (popular)

• Price of a substitute good increases

• Price of a complementary good decreases