DEMAND

Question 1

Refers to the number of goods and services that consumers are willing and able to buy at alternative prices at a given period of time.

Answer 1

Demand

Question 2

When a good’s price is lower, consumers will buy ______ of it
When a good’s price is higher, consumers will buy ______ of it
(Find the term asked)

Answer 2

Law of demand

Question 3

When a good’s price is lower, consumers will buy ______ of it
When a good’s price is higher, consumers will buy ______ of it
(Fill in the blanks)

Answer 3

more; less

Question 4

This is as when the prices go up, the consumer only buys the alternative of the original

Answer 4

Substitute effect

Question 5

This is as the prices go higher, the worth of your money would be lesser.

Answer 5

Income effect

Question 6

What is the value of QD? (dependent or independent.)

Answer 6

Dependent Variable

Question 7

What is the value of the Price? (dependent or independent.)

Answer 7

Independent variable