The Law of Demand Answers

This demand curve demonstrates the law of demand. The law of demand states that as the price of a good rises, the quantity demanded of that good will . As the price of a good falls, the quantity demanded of that good will .

One factor that influences demand is a consumer's ability to buy a good. What is required for a consumer to have the ability to purchase a good?

Which factor affecting demand does this scenario illustrate?

Consider these situations. In each situation, is the demand for the good elastic or inelastic? As the price of flat-screen televisions decreases, the quantity demanded increases significantly. As the price of bread decreases, the quantity demanded changes only slightly. As the price of a drug used to treat heart disease increases, the quantity demanded remains unchanged.

As the price per pair of running shoes rises, the quantity demanded is . When the price is $100.00, pairs of shoes are demanded. The quantity demanded decreases by when the price increases from $50.00 to $150.00.

This demand curve has shifted. The original demand curve is labeled as D. The new demand curve is labeled as D1.What change is taking place on this graph?

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