Some examples from this set of practice questions
1.
What is demand?
Answer: The different quantities of goods that consumers are willing and able to buy at different prices
2.
What is the law of demand?
Answer: There is an inverse relationship between price and quantity demanded
3.
Describe the substitution effect.
Answer: If the price goes up for a product, consumers buy less of that product and more of another substitute product (and vise-versa)
4.
Describe the income effect.
Answer: If the price goes down for a product, the purchasing power increases for customers, allowing them to purchase more
5.
What is the law of diminishing marginal utility?
Answer: As you consume anything, the additional satisfaction that you receive will eventually start to decrease
6.
What is a demand curve?
Answer: A graphical representation of a demand schedule
7.
Which way does a demand curve slope?
Answer: Downward
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