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Questions and Answers
What is demand?
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?
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?
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?
What does an inverse relationship between price and demand mean?
In the demand curve 'DD', which axis shows demand and which axis shows price?
In the demand curve 'DD', which axis shows demand and which axis shows price?
What does a high demand pattern at low prices indicate?
What does a high demand pattern at low prices indicate?
What is the market demand?
What is the market demand?
What happens to the market demand as the price decreases?
What happens to the market demand as the price decreases?
Who stated the law of demand according to the text?
Who stated the law of demand according to the text?
What does the law of demand state according to Dr. Alfred Marshal?
What does the law of demand state according to Dr. Alfred Marshal?
What assumption is made regarding income in the law of demand?
What assumption is made regarding income in the law of demand?
Why is it important for there to be no change in population for the law of demand?
Why is it important for there to be no change in population for the law of demand?
What does the graph in the text show about the relationship between price and demand?
What does the graph in the text show about the relationship between price and demand?
What does the statement 'other conditions remaining same larger quantity will be demanded at less price' indicate?
What does the statement 'other conditions remaining same larger quantity will be demanded at less price' indicate?
What happens to consumer demand when the price is highest according to the schedule in the text?
What happens to consumer demand when the price is highest according to the schedule in the text?
'No change in taste and preference' is an assumption related to:
'No change in taste and preference' is an assumption related to:
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