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Demand
Demand
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Knowledge check on the Demand half of Supply & Demand economics.
Flashcards
12 cards
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Questions
12
Answers
1
What goes on the X-Axis of the Supply & Demand chart?
Quantity
Demand
Price
Supply
2
As you continually consume a product, you eventually get less satisfaction is known as
Law of Diminishing Marginal Utility
Law of Heliocentrism
Law of Fire and Ice
Law of Public Choice Theory
3
The Demand Slope starts ________, and goes down to the _________.
top left; bottom right
bottom right; top right
Northeast; Southwest
top left; top right
4
When something causes Demand to
INCREASE
, the Demand Slope shifts
Up
Left
Down
Right
5
The economic theory of Supply & Demand suggests that there is a relationship between what four?
Supply, Economy, Demand, Profit
Supply, Demand, Price, Profit
Supply, Price, Demand, Quantity
Quantity, Economy, Demand, Profit
6
Changes in income affect the purchasing power of consumers
Income Effect
Special Relativity
Price Stipulation
Chaos Theory
7
When something causes Demand to
DECREASE
, the Demand Slope shifts
Down
Right
Up
Left
8
What goes on the Y-Axis of the Supply & Demand chart?
Demand
Price
Supply
Quantity
9
For Demand, there is a(n) _________ relationship between Price & Quantity Demanded
symbiotic
mutually-beneficial
direct
inverse
10
Changes in price motivate consumers to buy relatively cheaper substitute goods is called the
Situation Theorum
Kenobi Effect
Substitution Effect
Butterfly Effect
11
The point where the Quantity hits the Demand Slope is called the
Equal Quantity
Price Demanded
Quantity Fairness
Quantity Demanded
12
What is "Demand"?
Quantity of goods & services consumers will buy at a price
The Price at which Supply and Economy are at equilibrium.
Telling someone to do something
Profit and consumers.