Demand and Supply Review

Transaction in which the buyer and seller work out the terms of their own terms of exchange.

Diminishing marginal utility refers to the fact that 

Read the text on the picture to get the correct answer.

When people's income goes up, they usually demand less.

Because of the ____________, demand will decrease when prices rise and income stays the same.

US population will grow by 25% over the next 40 years. What will happen to the demand for gas?

According the law of demand, as the price of a good goes up, the quantity demanded ________.

The following graph represents ________. 

The substitution effect has the power to decrease the demand of one good.

The graph below represents the ________ curve.