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Factors Affecting Demand in Economics

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Questions and Answers

What is the relationship between price and quantity demanded?

Fluctuating relationship

No relationship

Direct relationship

Inverse relationship (correct)

Which term represents goods that can be used in place of one another for satisfaction of a particular want?

Normal goods

Complementary goods

Substitute goods (correct)

Luxury goods

What happens to the demand for a commodity when the price of its substitute increases?

Demand becomes elastic

No change in demand

Demand decreases

Demand increases (correct)

How does a decrease in the price of a substitute affect the demand for a given commodity?

Demand decreases Signup and view all the answers

Which economic principle describes the inverse relationship between price and demand?

Law of Demand Signup and view all the answers

What is the mathematical expression for demand as a function of price?

$D = f(P)$ Signup and view all the answers

How does an increase in the price of a complementary good affect the demand for a given commodity?

Decreases the demand for the given commodity Signup and view all the answers

Which of the following is an example of complementary goods mentioned in the text?

Bread and Butter Signup and view all the answers

How does a decrease in income affect the demand for an inferior good?

Increases the demand Signup and view all the answers

What determines whether a good is normal or inferior for a consumer?

The consumer's income level Signup and view all the answers

How do tastes and preferences of the consumer influence demand?

Directly influence demand for commodities Signup and view all the answers

Which of the following examples are substitute goods according to the text?

Coke and Pepsi Signup and view all the answers