REVIEW QUIZ 1 Define the quantity demanded of a good or service. 2 What is the law of demand and how do we illustrate it? 3 What does the demand curve tell us about the price that consumers are willing to pay? 4 List all the influences on buying plans that change demand, and for each influence, say whether it increases or decreases demand. 5 Why does demand not change when the price of a good changes with no change in the other influences on buying plans