Demand

Front

Generally speaking, the lower the price, the greater the quantity demanded.

Back

True

Front

The demand curve slopes upward, indicating that price and quantity are positively correlated.

Back

False

Front

Demand is elastic if it is greater than 1.0.

Back

True

Front

As money income increases, what happens to the demand for inferior goods?

Back

it decreases

Front

One of the reasons consumers choose substitutes is that

Back

they are relatively cheaper.

Front

If suddenly, a large population increase occurred, what impact would it have on the housing market?

Back

It would shift the demand curve to the right.

Front

The downward slope of a demand curve reflects the fact that, other things constant, price and quantity demanded are

Back

negatively related

Front

What is a demand schedule?

Back

a table that shows how much of  product a person is willing&able to buy

Front

What is the economic term for the desire to obtain a good or service and the ability to pay for it?

Back

demand

Front

What is a demand curve?

Back

a graph showing how much an individual is willing & able to buy