Demand Review Response
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1. Describe the difference between the Law of Demand and quantity demanded.
2. What is the principle of marginal utility AND what does it have to do with a demand curve.
3. Describe the difference between a movement on the demand curve and a shift.
4. Why does price matter?
5. Explain each of the six factors that can shift a demand curve.
6. Give two examples of complements in economics.
7. Why is the law of demand not always true?
8. Describe a good with inelastic demand and a good with elastic demand.
9. Why would the knowledge of demand be useful to a consumer? To a businessperson?
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