According to the law of demand, as prices rise, the __________________ demanded decreases.
Question 2
2.
In order to have demand for a good/service you must be both _______________ & ________________ to purchase it.
Question 3
3.
According to the law of demand, as prices decrease, the quantity demanded of a good/service _________________ .
Question 4
4.
According to the _________________ effect, when the price of a good/service increases we are likely to replace it with something else.
Question 5
5.
When the price of a particular good/service decreases you feel as though you are wealthier. Likewise if prices go up you feel less well off. This is referred to as the ______________ effect.
Question 6
6.
The owner of a store is most interested in knowing the quantity demanded by all customers at each price. This is referred to as a(n) _________________ _________________ ___________________ (3 words).
Question 7
7.
When making a demand/supply chart, ______________ is always listed on the Y axis.
Question 8
8.
When making a demand/supply chart, _______________ is always listed on the X axis.
Question 9
9.
According to the law of demand, when displayed on a graph the demand _______________ will always slope ____________.
Question 10
10.
The image above represents which of the following?
