If the price goes up, people buy less

Retailers use the law of demand when they offer a sale

Shoppers respond immediately to a decrease in price

Banks are very successful in driving demand

Subtracted from the percentage change in price

Divided by the percentage change in price

Multiplied by the percentage change in price

Added to the percentage change in price

how many units of a good will be purchased at the lowest price

how many units of a good will be bought at the highest price

how many units of a good will be purchased at each price

how many kilos of a good will be bought at each price

All three options are correct

Elastic demand

Unit elastic demand

Inelastic demand

Boots and laces

Cars and petrol

Coke and Pepsi

Computer hardware and computer software

Slightly higher even if there is a slight change in price

Remains stable even if there is a considerable change in price

Significantly higher even if there is a slight change in price

Significantly lower even if there is no change in price

Consumer’s wish to own the item

All 3 options are correct

Consumer’s ability to pay for the item

Consumer’s willingness to pay the item

Nominal

Overall

Average

General

Remain unchanged

Are taken into account

Are overlooked

Fluctuate slightly