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ECO 212 Exam1 Questions and Correct Answers

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ECO 212 Exam1 Questions and Correct Answers

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ECO 212 Exam1 Questions and Correct
Answers




law of demand - Answer-quantity demanded falls when the price of a good rises



market demand - Answer-sum of all individual demands for a particular good or service



change in quantity demanded leads to - Answer-movement along the demand curve



change in quantity demanded is caused by - Answer-change in price of the product



factors that shift a demand curve - Answer-consumer income, prices of related goods, tastes,
expectations, population



increase in demand shifts the curve to the - Answer-right



decrease in demand shifts the curve to the - Answer-left



normal good - Answer-as income increases demand for the good increases

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