Why does the demand curve slope downward?

Look at Figure 4.1 on page 99. Write a caption for the figure that explains the law of demand.

What does a downward-sloping demand curve mean about how buyers in a market will react to a higher price?

How are price and quantity demanded related? Refer to your completed cluster diagram.

Explain why the supply curve slopes upward.

Why does the IS curve slope downward?

Explain the differences between the terms in each of these pairs: a. demand, law of demand b. demand schedule, demand curve c. market demand schedule, market demand curve

List three products that you are familiar with and the approximate price of each. Which of the products, if any, do you have a demand for? Consider the two requirements of demand as you answer this question.

Should demand curves slope upward or downward? Why?

Explain the law of demand. Why does a demand curve slope downward? How is a market demand curve derived from individual demand curves?

Why does a supply curve slope upward?

Why does a change in market size affect demand? Refer to your completed chart.

What else besides migration might account for a change in market size?

Why might an increase in income result in a decrease in demand?