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Questions and Answers
What does demand refer to in economics?
What does demand refer to in economics?
- The quantity of a good or service that consumers are willing and able to buy at a given price (correct)
- The total amount of money consumers are willing to spend on goods and services
- The quantity of a good or service that producers are willing and able to sell at a given price
- The total amount of money producers are willing to invest in producing goods and services
What factors can influence demand?
What factors can influence demand?
- Changes in consumer income
- Changes in the prices of related goods
- Changes in consumer tastes and preferences
- All of the above (correct)
What is the law of demand in economics?
What is the law of demand in economics?
- As the price of a good increases, the quantity demanded also increases
- As the price of a good increases, the quantity demanded decreases (correct)
- As the price of a good decreases, the quantity demanded also decreases
- As the price of a good decreases, the quantity demanded increases
