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12 Questions

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Economics: Demand Concepts

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Questions and Answers

Which term describes the demand for a good arising from the demand for another related good or service?

Composite demand

Derived demand (correct)

Joint demand

Cross-demand

What is the relationship between the demand for cars and fuel, as described in the text?

They have no relationship

They have a complementary relationship (correct)

They have a direct relationship

They have an inverse relationship

In what scenario would an increase in demand for one use of a good lead to a decrease in availability for other users?

Composite demand (correct)

Cross-demand

Joint demand

Derived demand

Why do employers demand labor according to the text?

For production of goods and services Signup and view all the answers

Which industry's demand for raw materials is derived from the demand for final products?

Manufacturing industry Signup and view all the answers

What happens when there is an increase in demand for steel in a specific sector, according to the text?

Higher prices or reduced availability of steel for other industries Signup and view all the answers

What does individual supply refer to?

The quantity of a good or service that an individual producer is willing to offer for sale at different price levels Signup and view all the answers

What is market demand?

The quantity of a good or service that consumers are willing to purchase at various prices Signup and view all the answers

What does supply represent?

The quantity of a good or service that producers are willing and able to offer for sale at various prices Signup and view all the answers

What is the essence of joint demand?

The demand for two or more goods together to fulfill a specific need Signup and view all the answers

Which of the following best describes market supply?

The total quantity of a good or service that all producers in the market are willing and able to offer for sale at different price levels Signup and view all the answers

In economics, demand refers to __________.

The desire, ability, and willingness of consumers to acquire a product at various prices Signup and view all the answers