Demand Review

The law of demand argues that as prices rise

• the quantity demanded will fall

• the quantity demanded will rise

• the demand curve will shift to the right

• no change will occur

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DOK 1

Law of Demand

This part of the market determines DEMAND

• buyers

• sellers

• suppliers

• store owners

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DOK 1

Demand

Which of the following will cause an increase in demand for snowboards?

• More costly production methods

• A decrease in the price of lift tickets (a compliment) at resorts in Colorado

• A decrease in consumer income

• A decrease in the population

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DOK 2

Shift in Demand

Demand can be best defined as

• an individual's need or desire for a good or service at a given price.

• how much of a good or service is being produced.

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DOK 1

Demand

The only thing that causes a movement along a supply or demand curve (Change in Quantity Demanded):

• Price Change

• Quantity Change

• Climate Change

• Weather Change

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DOK 1

Quantity Demanded

Goods that are bought and used together are

• complementary goods

• substitute goods

• income goods

• unrelated goods

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DOK 1

Complementary/Substitute Goods

Which of the following is likely to increase the demand for peanut butter?

• Fewer children in the population

• News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.

• A big increase in the price of jelly.

• A report from the Surgeon General of the United States that eating peanut butter makes people nutty.

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DOK 2

Shift in Demand

A shift of the demand curve represents

• a movement on the demand curve

• a change in the quantity demanded

• a change in demand

• all of the above

If the number of buyers in the market increases, which of the following will happen?

• The supply in the market will increase

• The supply in the market will decrease

• The demand in the market will increase

• The demand in the market will decrease

What will happen in the car market if consumers expect higher prices in the near future?

• The demand for cars will decrease

• The demand for cars will increase

• The supply of cars will drop

• The demand for cars will not change