Economics of Demand
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Questions and Answers

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?

  • 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?

  • 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
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