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What is the Law of Demand?
As prices fall, consumers buy more of a good.
What is the acronym we learned for Demand Shifts?
INSECT
The amount of an item (good or service) that a producer is willing and able to make is referred to as
demand
What happens to demand for a good when the price of a COMPLIMENTARY good DECREASES?
Demand shifts right and increases
Refer to Graph 4-1. The movement from point A to point B on the graph shows
an increase in quantity demanded.
The law of demand states that, other things remaining the same, the lower the price of a good, the
the quantity demanded will increase
What happens to demand for a good when consumer income rises?
Demand shifts right and increases
The Law of Demand describes
Consumers
The price of chicken sandwiches at Chick-fil-a has gone up by 25%. Which of the answers below describes what will happen?
Quantity demanded decreases
In the graph below, which movement reflects how consumers would react to if they expect the price of fruit snacks to increase next month?
From a to d
What does Graph B show? Select all that apply
Movement along the curve (price change)
A change in quantity demanded
In which direction will IRDL the Turtle travel if a shift caused a decrease?
Left
The amount of something that consumers are willing and able to buy is referred to as
demand
How can expectations about a future price of a particular good/service be a shifter of demand?
Demand for a good now will go up at all price points if its price is expected to rise
Kroger has a sale on Ruffles potato chips. What will be the result of this decrease in price?
Quantity demanded increases
What happens to demand for a good when the price of a SUBSTITUTE good INCREASES?
Demand shifts right and increases
What does a demand shift mean?
That something other than price changes
What does the Graph show? Select all that apply
A shift in demand
An increase or decrease in demand
What happens to demand for a good NOW if consumers expect the price to DECREASE next month?
Demand shifts left and decreases
When something OTHER THAN the price changes, it is called
Change in Demand
