3.1

The law of demand states that as the price of a good increases, the quantity demanded decreases stays the same increases

Decreases Quantity demanded varies inversely with price. When a price increases, consumers will demand less. When a price decreases, consumers will demand more.

The only factor that can cause a change in quantity demanded for a product is a change in number of consumers price for that product price of substitute products popularity

price for that product

In order to demand a good, a consumer must be both willing and able to buy it. true false

true

The law of demand states that, as the price of a good rises, the quantity demanded decreases. true false

true

In order to demand a good, a consumer must be both __________ and __________ to buy the good. willing; able competent; logical affluent; wanting rich; working

willing; able