13. (Demand/Supply) is identified as quantities consumers are willing and able to buy at various prices during a given time. [slide or move along the same demand curve]

a. demand

b. supply

14. The law of demand states that when the price of a good or service falls, consumers buy (more/less) of it.

a. less

b. more

15. Substituting chicken as the price of steak goes up is an example of the (income/substitution) effect.

a. substitution

b. income

16. When the price of caviar falls (normal good), the purchasing power of our money income rises & thus permits us to purchase more caviar. This is the (income/substitution) effect.

a. income

b. substitution