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Questions and Answers
Which of the following best defines 'demand'?
Which of the following best defines 'demand'?
- The quantity of a good or service that consumers are willing and able to purchase at a given price (correct)
- The total amount of a good or service that consumers are willing to buy at any price
- The amount of a good or service that consumers want but cannot afford to buy
- The level of desire for a good or service by consumers
What happens to demand when the price of a good decreases?
What happens to demand when the price of a good decreases?
- Demand remains unchanged
- Demand increases (correct)
- Demand becomes unpredictable
- Demand decreases
What effect does an increase in consumer income have on demand?
What effect does an increase in consumer income have on demand?
- Increases demand for both normal and inferior goods
- Increases demand for normal goods and decreases demand for inferior goods (correct)
- Decreases demand for normal goods and increases demand for inferior goods
- No effect on demand
Which of the following factors does NOT influence demand?
Which of the following factors does NOT influence demand?
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