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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?

Demand increases (A) 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?

Inverse (C) Signup and view all the answers

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

The price of the good and the number of buyers (D) Signup and view all the answers

Which of the following is a determinant of demand?

The number of buyers (A) Signup and view all the answers

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

The demand curve shifts to the right (B) Signup and view all the answers

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

Inverse relationship (A) Signup and view all the answers

What is the purpose of a demand curve?

To show how price affects quantity demanded (D) Signup and view all the answers