1. Poll
60 seconds
What is the law of demand?
- The higher the price, the lower the quantity demanded
- The lower the price, the lower the quantity demanded
- The higher the price, the higher the quantity demanded
2. Poll
60 seconds
What is the law of demand?
- The higher the price, the lower the quantity demanded
- The lower the price, the lower the quantity demanded
- The higher the price, the higher the quantity demanded
3. Poll
60 seconds
What is an example of a good that follows this law?
- Water
- Gasoline
- Diamonds
4. Poll
60 seconds
What happens to demand as price increases?
- It decreases
- It increases
- It remains constant
5. Poll
60 seconds
What happens to demand as income increases?
- It always decreases
- It always increases
- It may increase or decrease depending on whether it is a normal or inferior good
6. Poll
60 seconds
What is an example of a good that follows this law?
- Water
- Gasoline
- Diamonds
7. Poll
60 seconds
What happens to demand as price increases?
- It decreases
- It increases
- It remains constant
8. Poll
60 seconds
What happens to demand as income increases?
- It always decreases
- It always increases
- It may increase or decrease depending on whether it is a normal or inferior good
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