Mastering Supply and Demand

• 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)

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

• 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

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