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Questions and Answers
Which relationship does the demand curve show?
Which relationship does the demand curve show?
- No relationship between price and quantity
- Positive relationship between price and quantity
- Negative relationship between price and quantity
- Inverse relationship between price and quantity (correct)
What happens to quantity demanded when price increases?
What happens to quantity demanded when price increases?
- Quantity demanded remains the same
- Quantity demanded cannot be determined
- Quantity demanded decreases (correct)
- Quantity demanded increases
What is the substitution effect?
What is the substitution effect?
- When consumers have no preference for substitutes
- When price goes down, quantity demanded decreases
- When consumers substitute one good for another (correct)
- When price goes up, quantity demanded increases
What is the purpose of the video mentioned in the text?
What is the purpose of the video mentioned in the text?
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Should students take notes while watching the video for the first time?
Should students take notes while watching the video for the first time?
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