The Law of Demand

Question 1

The law of demand applies most directly to which group?

Revolt · Accepted Answer

buyers ✓ Correct

Question 2

Microeconomics is the study of the economic interactions between

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Consumers and producers ✓ Correct

Question 3

Which best explains how the law of demand affects consumers?

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It helps consumers tell producers when prices are too high. ✓ Correct

Question 4

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 5

best

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loss of income

Question 6

The degree to which quantity demanded changes after a price change is called

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elasticity of demand. ✓ Correct

Question 7

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

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increases.

Question 8

Consumer demand is defined as

Revolt · Accepted Answer

the willingness and ability people have to buy a good. ✓ Correct

Question 9

Products whose demand rises when another product’s price increases are called

Revolt · Accepted Answer

substitute goods.

Question 10

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