Demand

Question 1

What does the demand curve illustrate?

Answer 1

The price people are willing to pay for a particular quantity of a good.

Question 2

What will a change in price do to the demand curve?

Answer 2

Causes a movement along the demand curve

Question 3

What caused this shift in demand?

Answer 3

Consumer are willing to buy a higher amount of goods.

Question 4

What are the factors that cause a shift in Demand?

Answer 4

• Change in Price of a Substitute good
• Population
• Advertising
• Income
• Complementary Goods (change in price) [eg, Xbox and Games]

Question 5

What is Demand?

Question 6

What is the Ceteris Paribus Condition?

Answer 6

Is if everything

Question 7

What is the extension of demand?

Question 8

What is the Contraction of Demand?

Question 9

What are Factors that effect DEMAND also called?