demand

When the price of a product increases, a consumer is able to buy less of it. Which effect does this describe?

• Cost Effect

• Inflationary Effect

• Income Effect

• Substitution Effect

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 desire to have some good or service and the ability to pay for it

• supply

• equilibrium

• demand

• quantity demanded

If the price of Frozen Yogurt increased then the demand for ice cream will 

• increase
• decrease

When the price of good A rises, people start to drink good B. This would be an example of?

• the law of demand

• complementary effect

• substitute effect

• income effect.

A decrease in the average incomes of consumers will result in which of the following?

• A decrease in the demand for goods and services

• An increase in the demand for goods and services

• A decrease in the supply of goods and services

• An increase in the supply of goods and services

If the price of Jordan's increases to $350, then the demand for these shoes will

• increase

• decrease

• stay the same.

The demand schedule is a graph where you plot points on the x and y axis.

• True

• False

The demand curve is the graphical representation of the demand schedule.

• true

• false