Politics And GovernmentLawThe Law of Demand example #17600
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The Law of Demand example #17600

Killian Lee avatar Killian Lee
14 October 2023
4.9 (242 reviews)
10 test answers

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question
Which best explains how the law of demand affects consumers?
answer
an increase in price due to an increase in demand
question
Consumer demand is defined as
answer
how much of something people want
question
The law of demand applies most directly to which group
answer
buyers
question
A factor that most influences changes in consumer demand is
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price.
question
The area in which the law of demand best applies is
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microeconomics
question
Consumers create demand for
answer
goods and services
question
Which best summarizes how consumer demand changes
answer
Consumer demand changes over time based on many factors
question
Which does the law of demand do? Check all that apply
answer
-allows producers to respond to consumers -allows consumers to influence prices
question
Products whose demand levels are connected to other products are called
answer
Complementary goods
question
Which best explains how the law of demand affects consumers
answer
It helps consumers tell producers when prices are too high