Chapter 4-1: Understanding Demand
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by Patrick Hennes
| 10 Questions
Note from the author:
Law of Demand
1
1 pt
According to the law of demand, as prices rise, the __________________ demanded decreases.
2
1 pt
In order to have demand for a good/service you must be both _______________ & ________________ to purchase it.
3
1 pt
According to the law of demand, as prices decrease, the quantity demanded of a good/service _________________ .
4
1 pt
According to the _________________ effect, when the price of a good/service increases we are likely to replace it with something else.
5
1 pt
When the price of a particular good/service decreases you feel as though you are wealthier. Likewise if prices go up you feel less well off. This is referred to as the ______________ effect.
6
1 pt
The owner of a store is most interested in knowing the quantity demanded by all customers at each price. This is referred to as a(n) _________________ _________________ ___________________ (3 words).
7
1 pt
When making a demand/supply chart, ______________ is always listed on the Y axis.
8
1 pt
When making a demand/supply chart, _______________ is always listed on the X axis.
9
1 pt
According to the law of demand, when displayed on a graph the demand _______________ will always slope ____________.
10
1 pt
The image above represents which of the following?
individual demand schedule
market demand schedule
demand curve
income effect
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