Which of the following best describes the law of demand?
Question 2
If the price of a substitute good increases, what is the expected effect on the demand curve for the original good?
Question 3
Suppose the demand function for a good is given by $Q_d = 500 - 2P$. If the price increases from $P = 100$ to $P = 120$, what is the change in quantity demanded?
Question 4
Which of the following scenarios would cause a movement along the demand curve rather than a shift?
Question 5
The price elasticity of demand for a product is $-1.5$. If the price of the product decreases by 10%, what is the expected percentage change in quantity demanded?
