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Which of the following best describes the Law of Demand: . Consuming more of one good because of a change in price of another good is known as the : substitution effect. A table that lists the quantity of a good that a single person will buy at each price in a market: demand schedule. What do various points on a demand curve represent: change in quantity demanded. According to the Law of Demand, when the price of a good is lowered, demand __________: increases. The demand curve always slopes: down and to the right. The quantity demanded of chocolate milk increases 10% when the price decreases 30%. This means we have.....: Inelastic Demand. Demand can most likely be changed by: consumer taste. Which factor causes the demand curve to shift in the following situation: Bobby graduated from college and got a good job, so he decided to buy a new Lexus: income. On a demand curve, an increase in demand causes the curve to shift: shift to the right.. Define inelastic demand: Demand that is not very sensitive to a change in price. When a consumer is able and willing to buy a good or service, he or she creates which of the following: demand. A shift in the demand curve means which of the following: A change in demand at every price. What is a company's Total Revenue: The amount of revenue a supplier receives from selling its goods