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Questions and Answers
What determines whether a desire becomes a want?
What determines whether a desire becomes a want?
- Having a strong passion for the commodity
- Winning a lottery
- Having a high income
- Having the ability and willingness to satisfy it (correct)
What is a characteristic of demand that is not a characteristic of want?
What is a characteristic of demand that is not a characteristic of want?
- Being backed by the ability and willingness to satisfy it
- Being defined with reference to price (correct)
- Being a long-term phenomenon
- Being a mere wish to have a commodity
What is the main difference between desire and want?
What is the main difference between desire and want?
- Desire is a mere wish, while want is backed by ability and willingness (correct)
- Desire is related to price, while want is not
- Want is a mere wish, while desire is backed by ability and willingness
- Want is related to price, while desire is not
How does the quantity demanded of a commodity change when the price increases?
How does the quantity demanded of a commodity change when the price increases?
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Why is demand always expressed with reference to time?
Why is demand always expressed with reference to time?
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What is the relationship between desire, want, and demand?
What is the relationship between desire, want, and demand?
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