The Law of Demand

Question 1

Maria purchases a premium brand of coffee at the grocery store for $8. Which would be considered a substitute good?

Revolt · Accepted Answer

a lower-priced brand of coffee

Question 2

The law of demand applies most directly to which group?

Revolt · Accepted Answer

buyers

Question 3

Which best describes a reason that consumer demand can change?

Revolt · Accepted Answer

loss of income

Question 4

According to the law of demand, changes in quantity demanded are most directly caused by changes in

Revolt · Accepted Answer

price.

Question 5

Which best summarizes how consumer demand changes?

Revolt · Accepted Answer

Consumer demand changes often based on many factors.

Question 6

According to the law of demand, as prices decrease, the quantity demanded

Revolt · Accepted Answer

increases.

Question 7

The graph shows a demand curve.What does the data shown in this graph represent?

Revolt · Accepted Answer

an increase in quantity demanded as prices decrease

The Law of Demand Answers