Demand

Question 1

The _____ is the pattern of behavior that occurs when consumers react to a change in the price of a good or service by buying a substitute product.

Answer 1

Substitution Effect

Question 2

A change in the amount of a product that consumers will buy because of a change in price is known as a what?

Answer 2

A change in quantity demanded

Question 3

Movement along the demand curve is caused by a change in what?

Answer 3

PRICE

Question 4

Change in demand is also called a what, because it actually shifts the position of the demand curve

Answer 4

Shift in Demand

Question 5

Six factors that cause a change in demand:

Answer 5

income, market size, consumer tastes, consumers expectations,