Demand Review

The want or willingness a consumer has to purchase a good or a service is called?

• shortage
• supply
• price
• demand

Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?

• The demand will probably go up

• The demand will probably go down

What happens to the price of objects when the demand for them decreases?

• The price will go down
• The price will go up
• The price will stay the same
• They will be free

Demand means

• the amount of a good or service that consumers are willing to buy.

• is the amount of a good or service produced.

• is the price that is demanded by consumers.

• None of the above.

What does the law of demand say

• consumers will buy less of something when price goes down.

• consumers will buy more of something when price increases.

• consumers will buy more of something when prices go down.

• None of the above.

If the price of a good or service decreases what will happen to the demand for it?

• increase

• decrease

• stay the same

• who knows

If the price of a good or service increases what will happen to the demand for it?

• increase

• decrease

• stay the same

• who knows

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

What goes on the horizontal axis (x axis) of a demand graph?

• price

• quantity demanded

• quantity supplied

• change in demand

Price goes on ________

• the vertical axis
• the horizontal axis
• at the origin
• the z axis