Lap 2 Economics Quiz

Law of Demand

as price increases, quantity demanded decreases

The demand curve shows how much of a good consumer will_______ at different______ prices

want/buy

prices

At a high price, only consumers with a _____ value for oil will buy oil

high

Customers willing to pay a high price likely have _______ less substitutes available to use

less

Prices goes on the _________ axis (price=_____ axis)

vertical

y

Quantity goes on the _________ axis (price=_____ axis)

horizontal

X

Reading the demand curve horizontally tells you the _________ _________ at any given price

quantity demand

Reading the demand curve vertically tells you (max/min) ______ price a consumer will pay for particular quantity of a good

Max