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Question: 2 state the law of demand in your own words...

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2. State the Law of Demand in your own words. 3. Give an example of the Law of Demand from your everyday life (use any kinds of a table, words, or a graph). 4. Draw a demand curve with proper vertical and horizontal labels.
5. What is the most important factor that can bring about movement along demand curves? 6. What are factors that shift demand curve either outward or inward? Compare a change in demand versus a change in quantity demanded with the following graphs. 7. 8. Circle correct choices shown in the parentheses in the following statements. i) As income increases, assuming goods are normal goods, the corresponding demand of the goods (increase or decrease). ii) As preferences of goods increases, demand (increase or decreases). i) As the price of substitute goods increases, demand (increases or decreases). iv) As the number of buyers decreases, demand (increases or decreases). v) If the future price of goods is expected to increase, current demand will (increase or decrease).
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