Chapter 4 - Demand

Question 1

The ability and willingness to buy specific quantities of a good at alternative prices in a given time period, ceteris paribus (other things being equal)

Answer 1

Demand

Question 2

P and Q are inversely related

Answer 2

Law of Demand

Question 3

Change in P of a good leads to a change in the QsubD of that good. Move along the demand curve

Answer 3

Change in Quantity Demanded

Question 4

A change in any other variable, other than price, of a good will cause the demand curve to shift

Answer 4

Change in Demand (or determinants of demand)