Law of Demand

Question 1

The consumers’ desire for a
specific good or services for
which they are willing and able
to buy at various prices during
a particular period of time,
“ceteris paribus”.

Answer 1

Demand

Question 2

Is the desire or want
backed up by money.

Answer 2

Demand

Question 3

Demand = ?

Answer 3

Demand = Desire + Ability to
pay + Will to spend

Question 4

It is a Latin
phrase that means all
variables other than the ones
being studied are assumed to
be constant.

Answer 4

Ceteris Paribus

Question 5

*Is the number of units
(amount) of a good and
service that consumers buy at
various price levels during a
specified period of time.

Answer 5

Quantity demanded

Question 6

It is a table that shows the quantity of a good that buyers
would purchase at each price

Answer 6

Demand Schedule

Question 7

It is the graphical illustration of the
demand schedule

Answer 7

Demand Curve

Question 8

Demand has what type of slope?

Answer 8

Negative slope

Question 9

The_________________ holds that ceteris paribus, as the price of a good or service rises, its quantity
demanded falls.

Answer 9

law of demand

Question 10

Movement along the demand curve.
Caused by a change in the price of the product.

Answer 10

Change in Quantity Demanded

Question 11

A shift in the demand curve, either to the left or
right.
Caused by a change in a determinant other than the
price.

Answer 11

Change in Demand

Question 12

What are the determinants of Demand?

Answer 12

• Tastes/Preferences
• Income of consumers
• Normal (Superior) & Inferior Goods
  *Market Size (Population)
• Number of Buyers
• Price Expectations
  *Prices of Related Goods