Law of Demand Practice
1. Circle the data sets that reflects the Law of Demand. Explain why it reflects the Law of Demand.
Price
$1.00
$2.00
$3.00
$4.00
Quantity
0
10
20
30
Price
$1.00
$2.00
$3.00
$4.00
Quantity
30
20
10
0
Price
$1.00
$2.00
$3.00
$4.00
Quantity
20
30
10
0
2. Assume that the data set you chose reflects market demand for Chick-Fil-A biscuits on
Wednesday mornings at RHS. In the space below, graph the demand curve in a fully labeled
model.
3.
Assume that the data set below reflects Harry’s demand for Bertie Bott’s Every Flavor Beans.
a. How many boxes will Harry buy if the price is $5.00 per box?
b. What will Harry do if the price falls to $0.50 per box?
Price
$4.00
$3.00
$2.00
$1.00
Quantity
0
1
2
3
4. Thinking Critically: Some economists believe that there are goods for which the Law of Demand
does not apply, such as a top-of-the-line luxury car. Why might buyers feel differently about
goods such as these?
1. The law of demand states that as P_________________________
QD________________________.
2. This relationship is known as an ____________________ relationship.
3. The table that gives us the data for our demand graph is called a
________________________________.
4. A change in price (ΔP) causes a change in ________________________.
5. Use the following table to complete the graph and answer the questions.
Price of Thneeds
2.00
4.00
6.00
8.00
10.00
12.00
Quantity Demanded of Thneeds
10
8
6
4
2
0
6.
7.
8.
9. 4. How many Thneeds are you willing to buy at $7.00?_________________
10. 5. How many Thneeds are you willing to buy at $5.00?_________________