8 Questions
What does the law of demand state?
Quantity demanded of a commodity is inversely related to its price
In economics, what happens to the demand for a commodity when its price falls?
Demand increases
What factor would likely cause an increase in the demand for ice cream during summer?
Warmer weather conditions
How does an increase in income affect the demand for inferior goods?
Demand decreases
What impact does a decrease in the price of laptops have on their demand?
Demand increases
Which of the following scenarios would lead to an increase in the demand for umbrellas and raincoats?
Heavy rainfall expected
How do complementary goods affect each other's demand when the price of one good decreases?
Both goods' demand increases
If there is a sudden rise in consumer preferences for organic food, what is likely to happen to the demand for traditionally grown produce?
Demand decreases for traditionally grown produce
Test your knowledge on individual and market demand schedules, as well as individual and market demand curves. Learn about the relationship between quantity demanded and price in economics.
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