The Law of Demand

Question 1

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?

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income

Question 2

What did you include in your response? Check any that apply.

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the definition of a demand shift

Question 3

Consider these situations. In each situation, is the demand for the good elastic or inelastic?

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✔ elastic; As the price of flat-screen televisions decreases, the quantity demanded increases significantly.: elastic; As the price of bread decreases, the quantity demanded changes only slightly.: inelastic; As the price of a drug used to treat heart disease increases, the quantity demanded remains unchanged.: inelastic

Question 4

✔ inelasticelastic

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✔ inelastic

Question 5

✔ inelasticelastic

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✔ inelastic

Question 6

increasing✔ decreasingstaying constant

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✔ decreasing; As the price per pair of running shoes rises, the quantity demanded is .: decreasing; When the price is $100.00, pairs of shoes are demanded.: 60; The quantity demanded decreases by when the price increases from $50.00 to $150.00.: 80

Question 7

80✔ 6040

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✔ 60

Question 8

100✔ 8060

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✔ 80

Question 9

This demand curve demonstrates the law of demand.

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✔ decrease; The law of demand states that as the price of a good rises, the quantity demanded of that good will .: decrease; As the price of a good falls, the quantity demanded of that good will .: increase

Question 10

decrease✔ increase

Revolt · Accepted Answer

✔ increase

The Law of Demand Answers

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