AnswersRAIL NCAA OC Economics 2027The Law of Demand

The Law of Demand Answers

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1
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Maria purchases a premium brand of coffee at the grocery store for $8. Which would be considered a substitute good?

A
a coffee pot
B
a bottle of coffee creamer
C
a lower-priced brand of coffee
D
a pound of sugar
2
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most

q
quantity.
p
price.
q
quality.
c
competition.
3

The chart shows a combined supply and demand schedule.

Question illustration
A
The cost to make a pair of shoes will rise.
B
A scarcity of shoes will result.
C
Profits from selling shoes will increase.
D
Consumers will want to buy fewer pairs of shoes.
4

The law of demand applies most directly to which group?

A
buyers ✓ Correct
B
sellers
C
producers
D
lawmakers
5

Microeconomics is the study of the economic interactions between

A
producers and their suppliers.
B
Consumers and the government
C
Consumers and producers ✓ Correct
D
Producers and the government
6

The degree to which quantity demanded changes after a price change is called

A
elasticity of demand. ✓ Correct
B
a substitute good.
C
a complementary good.
D
consumer demand.
7

best

l
loss of income
l
loss of supply
d
distribution problems
m
market problems
8

An example of complementary goods would be

c
computers and printers.
c
cars and trucks.
s
sheets and towels.
f
food and clothing.
9

The graph shows a demand curve.The graph shows the demand curve shifting from D (orange) to D₁ (blue), with the new curve located to the left of the original curve.Which statement best explains this change?

Question illustration
A
A decrease in quantity demanded caused by an increase in the product's price.
A
A decrease in demand caused by a fall in income or a fall in the price of a substitue good.
A
An increase in demand caused by higher consumer income.
A
A movement along the demand curve caused by a price change.
10

According to the law of demand, as prices decrease, the quantity demanded

A
decreases.
B
increases.
C
stays the same.
D
disappears.
11

Consumer demand is defined as

A
how frequently the prices change.
B
the willingness and ability people have to buy a good. ✓ Correct
C
how frequently the people are willing pay for something.
D
how often people want something delivered.
12

The graph shows a demand curve.Which most likely accounts for the changes shown on the demand curve?

Question illustration
A
More consumers want a product.
B
Fewer consumers want a product.
C
The price of a product rises a little.
D
The price of a product rises sharply.
13

The graph shows a demand curve.What does the data shown in this graph represent?

Question illustration
a
a decrease in quantity demanded as prices decrease
a
an increase in price as quantity demanded decreases
a
a decrease in income as quantity demanded increases
a
an increase in quantity demanded as prices decrease
14

Which best explains how the law of demand affects consumers?

A
It helps consumers know when prices are going down.
B
It helps consumers know when prices are going up.
C
It helps consumers tell producers when prices are too high. ✓ Correct
D
It helps consumers tell producers when to make new goods.
15

A demand curve shows how changes in

A
consumer demand affects income.
B
prices affect the consumer demand. ✓ Correct
C
prices affect complementary goods.
D
consumer demand affects substitute goods.
16

Products whose demand rises when another product’s price increases are called

s
substitute goods.
c
complementary goods.
e
elastic goods.
c
clearance goods.
17

Which best summarizes how consumer demand changes?

A
Consumer demand changes over time based on few factors.
B
Consumer demand changes often based on many factors. ✓ Correct
C
Consumer demand changes over time based on specific factors.
D
Consumer demand changes often based on few factors.
18

Consumers create demand for

A
goods and services. ✓ Correct
B
sales and low prices.
C
goods and income.
D
services and low prices.
19

A demand curve shows how changes in

A
consumer demand affects income.
B
prices affect the consumer demand.
C
prices affect complementary goods.
D
consumer demand affects substitute goods.
20

The graph shows a demand curve.The graph shows the demand curve shifting from D (orange) to D₁ (blue), with the new curve located to the left of the original curve.Which statement best explains this change?

Question illustration
A
A decrease in quantity demanded caused by an increase in the product's price.
B
A decrease in demand caused by a fall in income or a fall in the price of a substitue good.
C
An increase in demand caused by higher consumer income.
D
A movement along the demand curve caused by a price change.

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