The Law Of Demand
The graph shows a demand curve. What changes does the graph show?
(NOT) an increase in demand, a stable demand and an increase in price
Microeconomics is the study of the economic interactions between
Consumers and producers
Which best explains how the law of demand affects consumers?
It helps consumers tell producers when prices are too high.
The graph shows a demand curve. . Which most likely accounts for the changes shown on the demand curve?
More consumers want a product.
A factor that most influences changes in consumer demand is
Price
Maria purchases a premium brand of coffee at the grocery store for $8. Which would be considered a substitute good?
a lower-priced brand of coffee
The graph shows a demand curve. What does the data shown in this graph represent?
an increase in quantity demanded as prices decrease
The law of demand applies most directly to which group?
buyers
An example of complementary goods would be
computers and printers.
Consumers create demand for
goods and services.
According to the law of demand, as prices decrease, the quantity demanded
increases.
Which best describes a reason that consumer demand can change?
loss of income
A demand curve shows how changes in
prices affect the consumer demand.
Products whose demand rises when another product's price increases are called
substitute goods.
Consumer demand is defined as
the willingness and ability people have to buy a good.