Match each demand-related concept to its definition.

Exercise and reference answers

Matching pairs

1. Left

   Law of Demand

   Right

   Demand falls as price rises (ceteris paribus)

2. Left

   Price Elasticity of Demand

   Right

   % Δ Qty demanded / % Δ Price

3. Left

   Giffen Goods

   Right

   Demand rises as price rises (exception)

Instructions

Foundation microeconomics.

Explanation