Demand Schedule and Demand Curve Quiz
8 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What does the law of demand state?

  • Quantity demanded of a commodity is directly related to its price
  • Demand for a commodity rises when its price rises
  • Quantity demanded of a commodity is inversely related to its price (correct)
  • Demand for a commodity rises when its price falls
  • In economics, what happens to the demand for a commodity when its price falls?

  • Demand decreases
  • Demand becomes elastic
  • Demand increases (correct)
  • No change in demand
  • What factor would likely cause an increase in the demand for ice cream during summer?

  • Decrease in consumer income
  • Warmer weather conditions (correct)
  • Increase in winter season
  • Rise in the price of ice cream
  • How does an increase in income affect the demand for inferior goods?

    <p>Demand decreases</p> Signup and view all the answers

    What impact does a decrease in the price of laptops have on their demand?

    <p>Demand increases</p> Signup and view all the answers

    Which of the following scenarios would lead to an increase in the demand for umbrellas and raincoats?

    <p>Heavy rainfall expected</p> Signup and view all the answers

    How do complementary goods affect each other's demand when the price of one good decreases?

    <p>Both goods' demand increases</p> Signup and view all the answers

    If there is a sudden rise in consumer preferences for organic food, what is likely to happen to the demand for traditionally grown produce?

    <p>Demand decreases for traditionally grown produce</p> Signup and view all the answers

    More Like This

    Demand Schedule in Economics
    21 questions

    Demand Schedule in Economics

    SumptuousHorseChestnut avatar
    SumptuousHorseChestnut
    Economics Quiz: Law of Demand and Demand Curve
    40 questions
    Economics Demand Schedule and Curve
    40 questions
    Use Quizgecko on...
    Browser
    Browser