3. The Market Forces of Supply and Demand

Which statement best describes the law of demand (holding all other factors constant)?

Which of the following best explains the connection between the law of demand and excess demand in a market?

Which of the following is a reason why the demand curve slopes downward?

Which of the following helps to explain why the aggregate demand curve slopes downward?

Refer to Figure 3-2. The fact that the demand curve slopes downward reflects the fact that:

Which statement best describes the demand curve for most goods and services?

Which of the following statements best describes the relationship shown by a typical downward-sloping demand curve for a good?

The market demand for a product has increased if:

Which best explains how the law of demand affects consumers?

In microeconomics, the demand curve for a typical (normal) good has which of the following slopes in a price–quantity graph (price on the vertical axis, quantity on the horizontal axis)?

If the demand curve is perfectly elastic, then an increase in supply will:

In microeconomics, what does a market demand curve predict?

Which of the following is not held constant when constructing a demand schedule?

According to a typical demand curve, the higher the price, which of the following is most likely to occur?

A decrease in demand is shown by which of the following changes to the demand curve?