Intro to Demand

What does a demand curve primarily illustrate?

• How much of a good people will want at different prices.

• The relationship between supply and demand.

• The cost of producing a good.

• The profit margin for retailers.

What typically happens to the quantity demanded of a good when its price decreases?

• It decreases.

• It remains the same.

• It increases.

• It becomes unpredictable.

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Which of the following is identified as a 'high value use' for oil?

• Making plastic.

• Producing gasoline.

• Heating homes.

• Jet fuel.

When the price of oil increases significantly, how might consumers respond regarding 'low value uses' like gasoline?

• They will continue to buy the same amount of gasoline.

• They will switch to more fuel-efficient cars or forgo road trips.

• They will demand more oil for other uses.

• They will start producing their own oil.