The Law of Demand Answers
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The graph shows a demand curve.What does the data shown in this graph represent?
A
a decrease in quantity demanded as prices decreaseB
an increase in price as quantity demanded decreasesC
a decrease in income as quantity demanded increasesD
an increase in quantity demanded as prices decrease2
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A demand curve shows how changes in
A
consumer demand affects income.B
prices affect the consumer demand.C
prices affect complementary goods.D
consumer demand affects substitute goods.3
The law of demand applies most directly to which group?
A
buyersB
sellersC
producersD
lawmakers4
Which best summarizes how consumer demand changes?
A
Consumer demand changes over time based on few factors.B
Consumer demand changes often based on many factors.C
Consumer demand changes over time based on specific factors.D
Consumer demand changes often based on few factors.5
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.6
The degree to which quantity demanded changes after a price change is called
A
elasticity of demand.B
a substitute good.C
a complementary good.D
consumer demand.7
The graph shows a demand curve.Which most likely accounts for the changes shown on the demand curve?
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.8
An example of complementary goods would be
A
computers and printers.B
cars and trucks.C
sheets and towels.D
food and clothing.9
According to the law of demand, as prices decrease, the quantity demanded
A
decreases.B
increases.C
stays the same.D
disappears.10
Which best describes a reason that consumer demand can change?
A
loss of incomeB
loss of supplyC
distribution problemsD
market problemsDid you find these answers helpful?
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