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Economics: Theory of Demand and Supply
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Economics: Theory of Demand and Supply

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Questions and Answers

What is the law of demand?

  • The quantity demanded of a good decreases when the price of the good increases (correct)
  • The quantity demanded of a good is not related to the price of the good
  • The quantity demanded of a good increases when the price of the good increases
  • The quantity demanded of a good remains constant when the price of the good increases

    • What is a demand schedule?

  • A curve that shows the relationship between the price of a good and the quantity demanded
  • A diagram that shows the relationship between the price of a good and the quantity supplied
  • A table that shows the relationship between the price of a good and the quantity demanded (correct)
  • A graph that shows the relationship between the price of a good and the quantity supplied

    • What happens to the demand curve when the number of buyers increases?

  • The demand curve becomes vertical
  • The demand curve shifts to the right (correct)
  • The demand curve shifts to the left
  • The demand curve remains constant

    • How does an increase in income affect the demand for normal goods?

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

    What is the relationship between the price of a good and the quantity demanded, according to the law of demand?

    <p>Inverse</p> Signup and view all the answers

    What determines the quantity of a good that buyers are willing and able to buy?

    <p>The price of the good and the number of buyers</p> Signup and view all the answers

    Which of the following is a determinant of demand?

    <p>The number of buyers</p> Signup and view all the answers

    What happens to the demand curve when consumers' income increases for normal goods?

    <p>The demand curve shifts to the right</p> Signup and view all the answers

    What type of relationship exists between the price of a good and the quantity demanded?

    <p>Inverse relationship</p> Signup and view all the answers

    What is the purpose of a demand curve?

    <p>To show how price affects quantity demanded</p> Signup and view all the answers

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