Question : The law of demand is based on:

Option 1: Manufacturer's preference

Option 2: Seller's preference

Option 3: Supplier's preference

Option 4: Consumer's preference

Question : If a consumer's demand for a good moves in the same direction as the consumer's income, the consumer's demand for that good must be inversely related to the price of the good, which is called _____.

Option 1: law of demand

Option 2: law of supply

Option 3: law of substitute

Option 4: law of optimal choice

Question : What is the First Law of Gossen?

Option 1: Law of Equi-marginal utility

Option 2: Law of Diminishing marginal utility

Option 3: Law of supply

Option 4: Law of demand

Question : The law of demand states that when _____.

Option 1: income and price rise demand rises

Option 2: income rises demand rises

Option 3: price rises demand rises

Option 4: price falls demand rises

Question : What is the name of the law that causes the demand curve to slope downward?

Option 1: Consumer equilibrium

Option 2: Utility minimization

Option 3: Utility maximization

Option 4: Diminishing marginal utility