05/03/24 - We are going to start with the demand side

What fundamental economic concept describes the relationship between the price of a product and the quantity that consumers are willing to buy?

• Supply

• Demand

• Elasticity

• Utility

Which of the following is NOT listed as a factor influencing demand?

• Consumer preferences

• Government regulations

• Income levels

• Future price expectations

What does the term "elasticity" in economics refer to?

• The ability of consumers to substitute goods

• The sensitivity of demand to price changes

• The measure of government intervention in markets

• The total quantity of goods available

According to the law of demand, what happens to the quantity demanded of a good when its price decreases?

• It decreases

• It increases

• It remains stable

• It fluctuates unpredictably

What does "quantity demanded" specifically refer to in economic terms?

• The total market demand for a product

• The amount of a product consumers are willing to buy at various prices

• The specific quantity of a product that is desired at a particular price

• The potential future demand for a product

The law of demand deals with how _____ effects the quantity demanded

• Feelings

• Quantity

• Price

• Appearance

When talking about demand we are looking at

• How much a supplier will create

• How much consumers purchase

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

• population

• income

• price

• tastes and preferences

A new study has shown that avocados are extremely healthy. The demand for avocados has increased due to a change in

• Population

• Price of Substitute Good

• Price of Complementary Good

• Consumer Preferences/Tastes

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

• supply

• equilibrium

• demand

• quantity demanded