1. Arrow up or down: According to the law of demand, an increase in price __________ the quantity demanded. 2. A change in the __________ of a product is the result of a change in the price of the...

1. Arrow up or down: According to the law of demand, an increase in price __________ the quantity demanded.

2. A change in the __________ of a product is the result of a change in the price of the product.

3. The quantity demanded of a product generally __________ (increases/decreases) as the price of the product falls, ceteris paribus.

4. After the government decreased cigarette taxes in several Canadian provinces, the demand for cigarettes __________ in these provinces, shifting the demand curve to the __________. (Related to Application 1 on page 95.)