Concepts you should know
- What are the two key aspects of the definition of demand?
- What is the Law of Demand?
- Give an example of the substitution effect
- Give an example of the income effect
- Give an example of the law of diminishing marginal utility
- Explain how the law of diminishing marginal utility causes the law of demand
- How do you determine the market demand for a particular good?
- Name 10 fast food places