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WorksheetsCW 4.1 What is Demand
Total questions: 10
Worksheet time: 5mins
VOCABULARY DEFINITION: a table that lists how much of a product consumers will buy at all prices.
demand curve
demand schedule
demand
law of demand
VOCABULARY DEFINITION: rule stating that consumers will buy more of a product at lower prices and less at higher prices
demand curve
demand schedule
demand
law of demand
VOCABULARY DEFINITION:a curve that shows how much of a product all consumers will buy at all possible prices
market demand curve
marginal utility
diminishing marginal utility
utility
VOCABULARY DEFINITION: additional satisfaction or usefulness a consumer gets from having one more unit of a product
market demand curve
marginal utility
diminishing marginal utility
utility
VOCABULARY DEFINITION: decrease in satisfaction or usefulness from having one more unit of the same product
market demand curve
marginal utility
diminishing marginal utility
utility
What is this model depicting?
demand schedule
demand curve
supply curve
market economy
True / False: The concept of diminishing marginal returns helps to explain the Law of Demand.
True
False
Which of these best describes the law of demand?
if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up
if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down
there is no law of demand, each situation is unique and demand and prices cannot be predicted
prices will go up for certain goods when quantity demanded goes up and vice versa
Which of these shows a decrease in the quantity demanded?
