B.) The law of demand is that there is always an inverse relationship between the price of the good and the quantity demanded.

C.) With the price of ice cream at $8, the demand is low because consumers are not willing or able to buy a scoop of ice cream for that high price, because it i simply not worth it.

D.) When the ice cream price is at the price of $3 a consumer would be willing and able to buy ice cream, plus they will think that the ice cream is worth the $3 needed to pay for the ice cream.

varies customer to customer.

diminishing marginal utility

additional marginal utility decreases as more units are consumed

diminishing marginal utility indicates a willingness not to purchase or consume more a good/service.

factors that affect demand

number of consumers in the market

changes in taste and popularity

changes in expectations

changes in the prices of related goods or services changes in substitutes or complements

elastic demand

extent to which a change in price causes a change in the quantity demanded

when demanded is elastic a change in price cause a larger percentage of change in quantity is demanded

substutites keep demanded elastic consumers can buy the substutie over the name brand

postponing purchases keep elastic demand consumers wait for sales to purchases items that are exspensive.

price changes have little effect on the quantity demanded

example turkey at thanksgiving

gas price both