Worksheetslaw of demand
Total questions: 15
Worksheet time: 8mins
When the price of a product increases, a consumer is able to buy less of it. Which effect does this describe?
Cost Effect
Inflationary Effect
Income Effect
Substitution Effect
What is the only factor that causes a change in quantity demanded (Slide) along a demand curve?
population
income
price
tastes and preferences
The law of demand states that
price and quantity demanded are inversely related
the larger the number of buyers in a market, the lower will be product price
price and quantity demanded are directly related
consumers will buy more of a product at high prices than at low prices
When consumers react to an increase in a good's price by consuming less of that good and more of other goods.
Cost Effect
Income Effect
Substitution Effect
Inflationary Effect
