AnswersRAIL NCAA OC Economics 2027The Law of Demand

The Law of Demand Answers

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1
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Consumers create demand for

A
goods and services.
B
sales and low prices.
C
goods and income.
D
services and low prices.
2
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Which best describes a reason that consumer demand can change?

A
loss of income
B
loss of supply
C
distribution problems
D
market problems
3

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.
4

Consumer demand is defined as

A
how frequently the prices change.
B
the willingness and ability people have to buy a good.
C
how frequently the people are willing pay for something.
D
how often people want something delivered.
5

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.
D
It helps consumers tell producers when to make new goods.
6

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.
7

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
8

Microeconomics is the study of the economic interactions between

A
producers and their suppliers.
B
Consumers and the government
C
Consumers and producers
D
Producers and the government
9

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

A
decreases.
B
increases.
C
stays the same.
D
disappears.
10

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

A
substitute goods.
B
complementary goods.
C
elastic goods.
D
clearance goods.
11

The law of demand applies most directly to which group?

A
buyers
B
sellers
C
producers
D
lawmakers
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.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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