BLOOM’S TAXONOMY POP QUIZ. KNOWLEDGE The _____________ states that, other things remaining the same, if the price of a good rises, the quantity demanded.

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BLOOM’S TAXONOMY POP QUIZ

KNOWLEDGE The _____________ states that, other things remaining the same, if the price of a good rises, the quantity demanded of that good decreases and if the price of a good falls, the quantity demanded of that good increases.

COMPREHENSION State the law of demand in your own words.

APPLICATION Will an increase in the price of roller blades lead to a decrease in the demand for roller blades or a decrease in the quantity demanded?

ANALYSIS Bob enjoys reading the newspaper each morning. This morning Bob said, "The increase in the price of the newspaper has decreased my demand to only weekend mornings." As a student of economics, you know that Bob's statement is incorrect. Bob enjoys reading the newspaper each morning. This morning Bob said, "The increase in the price of the newspaper has decreased my demand to only weekend mornings." As a student of economics, you know that Bob's statement is incorrect. a. Rewrite Bob's statement making corrections were necessary. a. Rewrite Bob's statement making corrections were necessary. b. Discuss what was incorrect about Bob's statement and how the changes you made in part (a) make the statement correct. b. Discuss what was incorrect about Bob's statement and how the changes you made in part (a) make the statement correct.

SYNTHESIS Graphically depict the affect on the Demand Curve of a normal good when consumer’s income increases.

EVALUATION 1. Evaluate the graph below. Defend the accuracy of the graph using economic terms for each numbered item. 2. Assume both D1 and D2 are the result of a single event. Describe such a possible event detailing the movement of demand.

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