Law of Demand

Demand is how much of the same goods or services people would like to buy.

• True

• False

The law of demand is not easy to understand.

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• False

The law of demand says that when people want more of something, its price rises.

• True

• False

The law of demand says that when the price of something rises, the demand for it decreases.

• True

• False

The law of demand works because the money we have is limited.

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• False

The law of demand cannot apply to basic necessities like water and gasoline.

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• False

Price elasticity shows the measurement of the effect of a change in price on quantity demanded.

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• False

People's incomes, fashion climate can affect demand.

• True

• False