3. The Market Forces of Supply and Demand

The market demand for a product has increased if:

Which best explains how the law of demand affects consumers?

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

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?

Market demand is based on the:

If the price of a product were to go down, what would typically happen to the quantity demanded according to the law of demand?

Which of the following factors most directly affects the demand for automobiles?

For a firm operating in a perfectly competitive market, the demand curve it faces is identical to which of its other curves?

If the price of a good changes, what is the effect on the demand curve?

Which statement is consistent with the law of demand?

Rising demand for motor homes is most likely caused by which of the following?

Which of the following is a determinant of the demand curve for a good?

Which of the following events would cause a rightward shift of the demand curve for cups of coffee?