Mr. Lee Supply and Demand

What happens to the demand curve when there is an increase in consumer income?

• Shifts to the left

• Shifts to the right

• Stays the same

• Becomes vertical

Fill in the blank: If the price of a good is expected to rise in the future, the current demand for the good is likely to ________.

• Increase

• Decrease

• Stay the same

• Disappear

What is the 'Law of Demand'?

• As price increases, demand increases

• As price decreases, demand decreases

• As price increases, demand decreases

• As price decreases, demand remains constant.

The 'Quantity Demanded' refers to:

• The total demand for a product

• The amount of a product consumers are willing to buy at a specific price

• The demand for a product over time

• The average demand for a product.

Fill in the blank: The Demand Curve typically slopes ______, indicating an inverse relationship between price and quantity demanded.

• A) Upward

• B) Downward

• C) Horizontally

• D) Vertically

Fill in the blank: The demand curve shows the relationship between price and ______ demanded.

• Supply

• Quantity

• Quality

• Cost

At what price is the quantity demanded 40?

• $1

• $2

• $3

• $4

Fill in the blank: When the price is $1, the quantity demanded is ____. A) 10 B) 20 C) 50.

• A) 10

• B) 20

• C) 50

Which of the following could cause a rightward shift in the demand curve?

• Increase in consumer income

• Decrease in consumer income

• Increase in price

• Decrease in population

Fill in the blank: The y-axis in the 'Shifting Demand' graph represents ______.

• Quantity

• Price

• Demand

• Supply