1. The idea of the Law of Demand, as applied to electric cars, assumes which of the following to be constant?
a) Price of electric cars
b) Price of gasoline cars
c) Quantity of electric cars demanded by buyers
d) How much sellers are charging customers for electric cars
2. When economists say that the demand for a product has decreased, they mean that:
a) The demand curve has shifted to the right
b) The product has become particularly scarce for some reason
c) The product has become more expensive and thus consumers are buying less of it
d) Consumers are now willing and able to buy less of this product at each possible price
3. Which of the following will not cause a change in the demand for product A?
a) A change in the number of buyers
b) A change in the price of A
c) A decline in consumer incomes
d) A decrease in the price of close-substitute product B