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Questions and Answers
What is the law of demand?
What is the law of demand?
- The quantity demanded of a good decreases when the price of the good increases (correct)
- The quantity demanded of a good is not related to the price of the good
- The quantity demanded of a good increases when the price of the good increases
- The quantity demanded of a good remains constant when the price of the good increases
What is a demand schedule?
What is a demand schedule?
- A curve that shows the relationship between the price of a good and the quantity demanded
- A diagram that shows the relationship between the price of a good and the quantity supplied
- A table that shows the relationship between the price of a good and the quantity demanded (correct)
- A graph that shows the relationship between the price of a good and the quantity supplied
What happens to the demand curve when the number of buyers increases?
What happens to the demand curve when the number of buyers increases?
- The demand curve becomes vertical
- The demand curve shifts to the right (correct)
- The demand curve shifts to the left
- The demand curve remains constant
How does an increase in income affect the demand for normal goods?
How does an increase in income affect the demand for normal goods?
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What is the relationship between the price of a good and the quantity demanded, according to the law of demand?
What is the relationship between the price of a good and the quantity demanded, according to the law of demand?
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What determines the quantity of a good that buyers are willing and able to buy?
What determines the quantity of a good that buyers are willing and able to buy?
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Which of the following is a determinant of demand?
Which of the following is a determinant of demand?
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What happens to the demand curve when consumers' income increases for normal goods?
What happens to the demand curve when consumers' income increases for normal goods?
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What type of relationship exists between the price of a good and the quantity demanded?
What type of relationship exists between the price of a good and the quantity demanded?
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What is the purpose of a demand curve?
What is the purpose of a demand curve?
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