Mastering Supply and Demand
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Questions and Answers

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?

  • Quantity demanded remains the same
  • Quantity demanded cannot be determined
  • Quantity demanded decreases (correct)
  • Quantity demanded increases

    • 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?

    <p>To save time in an economics class</p> Signup and view all the answers

    Should students take notes while watching the video for the first time?

    <p>No, they should just understand the concepts</p> Signup and view all the answers

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