10 Questions
According to the definition provided, the demand for a commodity is only based on the quantities demanded, regardless of the price or other factors.
False
The price of a commodity may vary over different time periods.
True
The demand for a product is affected by factors other than price, which are assumed to be constant during a specified time period.
True
The quantities demand of an item refers to both the quantities which the consumer wants and the quantities which the consumer can buy at each price level of the item during a given period of time.
True
The curve of demand represents the relationship between price and the quantities demanded, showing the inverse relationship between price and quantity demanded.
True
According to the definition provided, the demand for a commodity is only based on the quantities demanded, regardless of the price or other factors.
False
The price of a commodity may vary over different time periods.
True
The quantities demand of an item refers to both the quantities which the consumer wants and the quantities which the consumer can buy at each price level of the item during a given period of time.
True
The curve of demand represents the relationship between price and the quantities demanded, showing the inverse relationship between price and quantity demanded.
True
The demand for a product is affected by factors other than price, which are assumed to be constant during a specified time period.
True
Study Notes
Demand and Its Factors
- Demand for a commodity is based on quantities demanded, regardless of price or other factors.
- The price of a commodity can vary over different time periods.
Quantities Demanded
- Quantities demanded refer to the quantities that consumers want and can buy at each price level of an item during a given period.
- The curve of demand represents the inverse relationship between price and quantity demanded.
Other Factors Affecting Demand
- Demand for a product is also affected by factors other than price.
- These factors are assumed to be constant during a specified time period.
Test your understanding of demand in economics with this quiz. Questions cover the definition of demand, factors affecting quantities demanded, the law of demand, demand schedules, and demand curves.
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