Question:

Need help ASAP with economics! fill in the blank!?

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The relationship between the price of an item and the resulting quantity that will be demanded is _________. One reason for this relationship is that as the price of an item rises, the consumer's real income will fall thereby affecting his ___________to make the purchase. This phenomenon is known as the ____________ effect. Another reason for this relationship is that when the price of an item rises, the _____________will also rise, making the consumer less _____________to make the purchase. This phenomenon is known as the ________________ effect.

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  1. 1. the law of demand

    2. ability

    3. income

    4. economic cost

    5. willing

    6. substitution


  2. law of demand

    ability (?)

    income

    opportunity cost

    willing (?)

    substitution

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