12 Questions
What is the primary function of a market?
To bring together buyers and sellers
Which of the following types of markets is characterized by online transactions?
Online or virtual market
What is the difference between needs and wants?
Needs are necessities, while wants are desires
What is the law of demand?
Other things remaining same, when the price of a product increases, its quantity demanded decreases
What is the purpose of a demand table or schedule?
To show the relationship between price and quantity demanded
What is the term 'ceteris paribus' used to assume in economics?
That other things remain the same
What is the shape of the demand curve 'D'?
Downward sloping
What is an assumption of the Law of Demand?
No change in prices of related goods
Which of the following is an exception to the Law of Demand?
All of the above
What is the practical importance of the Law of Demand in price determination?
To analyze the impact of change in prices on quantity demanded
How does the Law of Demand help the finance minister?
In raising tax on certain commodities
What is the result of an increase in income on the demand of a product?
Demand increases
Test your knowledge of markets and demand in economics. Learn about the different types of markets, including local, regional, national, and international markets. Explore the concepts of needs, wants, and demand in this quiz.
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