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Commerce Demand Chapter 3B Quiz

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Questions and Answers

What is demand?

A desire for a commodity backed by willingness and ability to pay (correct)

A desire for a commodity without willingness or ability to pay

A desire for a commodity without any intention to pay

A desire for a commodity without any capacity to pay

How is demand different from just a desire?

Demand is related to willingness and ability to pay, while desire is not (correct)

Demand occurs only in rich individuals, while desire can occur in anyone

Demand is always for necessary commodities, while desire can be for luxury items

Demand is always for expensive commodities, while desire can be for anything

What does the individual demand schedule describe?

The total market demand for a specific commodity

The demand pattern of a consumer based on price fluctuation (correct)

The supply and demand dynamics in a competitive market

The distribution of demand across different demographic segments

What does an inverse relationship between price and demand mean?

As price increases, quantity demanded decreases Signup and view all the answers

In the demand curve 'DD', which axis shows demand and which axis shows price?

X axis - price, Y axis - demand Signup and view all the answers

What does a high demand pattern at low prices indicate?

The commodity is highly desired by consumers Signup and view all the answers

What is the market demand?

The demand pattern of two or more consumers in the market as per their capacity and willingness Signup and view all the answers

What happens to the market demand as the price decreases?

Market demand increases Signup and view all the answers

Who stated the law of demand according to the text?

Dr. Alfred Marshal Signup and view all the answers

What does the law of demand state according to Dr. Alfred Marshal?

Larger quantity will be demanded at lower price Signup and view all the answers

What assumption is made regarding income in the law of demand?

Income of a consumer should not change Signup and view all the answers

Why is it important for there to be no change in population for the law of demand?

Population change affects demand pattern Signup and view all the answers

What does the graph in the text show about the relationship between price and demand?

An inverse relationship Signup and view all the answers

What does the statement 'other conditions remaining same larger quantity will be demanded at less price' indicate?

'More conditions lead to more demand at lower prices' Signup and view all the answers

What happens to consumer demand when the price is highest according to the schedule in the text?

Consumer demand is lowest Signup and view all the answers

'No change in taste and preference' is an assumption related to:

'The law of demand' Signup and view all the answers