Demand- Chapter 4 Lesson 1

Front

____ is a table that shows the quantity demanded of a good or service at different price levels.

Back

Demand schedule

Front

Which of these best describes the law of demand?

Back

if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up

Front

What is the relationship between the Price and Quantity Demanded?

Back

Inverse Relationship

Front

When the price of a good increases, the quantity demanded ____

Back

decreases

Front

If the price of tacos at Taco Bell decreases, then the quantity demanded of tacos will ____

Back

increase

Front

According to the Law of Demand, when prices drop...

Back

demand will increase

Front

The desire to have some good or service and the ability to pay for it

Back

demand

Front

Describes the inverse relationship between price and quantity demanded.

Back

Law of demand

Front

The more you buy and use a good or product, satisfaction for that product declines.

Back

Law of diminishing marginal utility

Front

If all things are equal, consumers will demand more of a product as its price decreases

Back

True