The Law of Demand Answers
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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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Which best describes a reason that consumer demand can change?
A
loss of incomeB
loss of supplyC
distribution problemsD
market problems3
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.4
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.5
Which best explains how the law of demand affects consumers?
A
It helps consumers know when prices are going down.B
It helps consumers know when prices are going up.C
It helps consumers tell producers when prices are too high.D
It helps consumers tell producers when to make new goods.6
The chart shows a combined supply and demand schedule.
A
The cost to make a pair of shoes will rise.B
A scarcity of shoes will result.C
Profits from selling shoes will increase.D
Consumers will want to buy fewer pairs of shoes.7
Maria purchases a premium brand of coffee at the grocery store for $8. Which would be considered a substitute good?
A
a coffee potB
a bottle of coffee creamerC
a lower-priced brand of coffeeD
a pound of sugar8
Microeconomics is the study of the economic interactions between
A
producers and their suppliers.B
Consumers and the governmentC
Consumers and producersD
Producers and the government9
According to the law of demand, as prices decrease, the quantity demanded
A
decreases.B
increases.C
stays the same.D
disappears.10
Products whose demand rises when another product’s price increases are called
A
substitute goods.B
complementary goods.C
elastic goods.D
clearance goods.Did you find these answers helpful?
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