Economy Activity (The Law Of Demand)

What determines the price of a good or service?

• Demand only

• Supply only

• Supply and Demand

• None of the above

Consumers are

• people that sell goods and services.

• people that buy goods and services.

• people that consume food.

• None of the above.

Demand means

• the amount of a good or service that consumers are willing to buy.

• is the amount of a good or service produced.

• is the price that is demanded by consumers.

• None of the above.

What does the law of demand say

• consumers will buy less of something when the price goes down.

• consumers will buy more of something when price increases.

• consumers will buy more of something when prices decrease.

• None of the above.

If the price of a good or service increases, what will happen to the demand for it?

• increase.

• decrease.

• stay the same.

• nobody knows.

In which way can demand be shown, with

• a demand schedule chart.

• a demand curve graph.

• using the formula D + E = DE

• A and B.

A factor that can change the amount demanded for a good would be

• income

• population

• tastes

• All of the above.

If a good becomes popular or fashionable, what will happen with the demand for the good?

• Decrease

• Stay the same

• Increase

• None of the Above

In regard to substitute goods, if the price of Sprite increases, what will happen with the demand for a substitute good like 7-UP?

• Increase

• Decrease

• Stay the same

• None of the Above

if demand for one complementary good like a printer decreases what would happen with the demand for ink cartridges?

• Increase

• Decrease

• Stay the same

• None of the Above