100%(1)1 out of 1 people found this document helpful
This preview shows page 1 - 4 out of 8 pages.
Supply, Demand and EquilibriumTOTAL POINTS 181.Question 1The Law Of Demand states that:1. The lower the price, ceteris paribus, the more units a consumer will demand.2. The higher the price, ceteris paribus, the less the consumer will demand.Both 1 and 2Don’t know1 point2.Question 2Don’t know1 point3.Question 3Why does quantity demanded tend to fall as price rises?The Substitution Effect
The Income EffectBoth 1 and 2Don’t know1 point4.Question 4Don’t know1 point5.Question 5Don’t know