AnswersVHS-Economics and Personal FinanceThe Law of Demand

The Law of Demand Answers

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1
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Consumers create demand for

A
goods and services.
B
sales and low prices.
C
goods and income.
D
services and low prices.
2
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Maria purchases a premium brand of coffee at the grocery store for $8. Which would be considered a substitute good?

A
a coffee pot
B
a bottle of coffee creamer
C
a lower-priced brand of coffee
D
a pound of sugar
3

The law of demand applies most directly to which group?

A
buyers
B
sellers
C
producers
D
lawmakers
4

Which best describes a reason that consumer demand can change?

A
loss of income
B
loss of supply
C
distribution problems
D
market problems
5

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

A
substitute goods.
B
complementary goods.
C
elastic goods.
D
clearance goods.
6

A factor that most influences changes in consumer demand is

A
quantity.
B
price.
C
quality.
D
competition.
7

Consumer demand is defined as

A
how frequently the prices change.
B
the willingness and ability people have to buy a good.
C
how frequently the people are willing pay for something.
D
how often people want something delivered.
8

The graph shows a demand curve.The graph shows the demand curve shifting from D (orange) to D₁ (blue), with the new curve located to the left of the original curve.Which statement best explains this change?

Question illustration
A
A decrease in quantity demanded caused by an increase in the product's price.
B
A decrease in demand caused by a fall in income or a fall in the price of a substitue good.
C
An increase in demand caused by higher consumer income.
D
A movement along the demand curve caused by a price change.
9

The graph shows a demand curve.Which most likely accounts for the changes shown on the demand curve?

Question illustration
A
More consumers want a product.
B
Fewer consumers want a product.
C
The price of a product rises a little.
D
The price of a product rises sharply.
10

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

Question illustration
A
a decrease in quantity demanded as prices decrease
B
an increase in price as quantity demanded decreases
C
a decrease in income as quantity demanded increases
D
an increase in quantity demanded as prices decrease

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