Demand Flashcard

Front

Evelyn, Ava, and Abigail are at a candy store. They all want to buy their favorite candy. When we say that they have a 'demand' for the candy, it means that they not only desire the candy, but also ___

Back

have the ability to pay for it.

Front

Aiden, Anika, and Hannah are trying to figure out which of the following would classify as substitutes: A pet and vet bills, Bread and butter, Eye glasses and contacts, A phone and a charger.

Back

Eye glasses and contacts

Front

Which of the following would classify as complements? A hamburger and a hot dog, A tennis racket and tennis balls, A cup of coffee and a cup of tea, A smart phone and a flip phone

Back

A tennis racket and tennis balls

Front

According to the law of demand, what happens to the demand as price increases?

Back

It decreases

Front

Why doesn't the demand curve shift when Olivia, Harper, and David change the price of their lemonade?

Back

The demand curve for their lemonade stand demonstrates a change in quantity demanded and price.

Front

Who is correct in the debate about why demand curves slope downward: Zoe argues that demand curves slope downward due to the law of diminishing marginal utility, Noah thinks it's because of the direct relationship between price and quantity demanded, or Benjamin believes it's because price is always on the horizontal axis of a demand graph?

Back

Zoe

Front

Avery, Noah, and Priya are at an ice cream shop. Avery notices that each time they have another scoop of ice cream, they enjoy it a little less than the previous one. Which economic principle is Avery experiencing?

Back

the law of diminishing marginal utility

Front

When an increase in demand occurs, which direction will the demand curve shift?

Back

right

Front

What happens to the demand curve when there's a decrease in demand?

Back

left

Front

What does market size mean in the context of a lemonade stand run by Abigail, Luna, and Priya?

Back

A change in the population of their neighborhood.