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Factors Affecting Demand Quiz

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Questions and Answers

What does demand represent in economics?

The amount of money consumers are willing to spend on a product or service

The cost of producing a product or service

The quantity of a product or service that consumers are willing to buy at a given price (correct)

The quantity of a product or service that producers are willing to sell at a given price

What can influence the demand for a product?

Government regulations on production

Changes in consumer preferences (correct)

Technological advancements in production

Increase in production costs

What can cause shifts in the demand curve?

Changes in the price of substitutes

Changes in government policies

Changes in production costs

Changes in consumer income (correct)

How does demand respond to changes in price?

<p>It follows the law of demand, where an increase in price leads to a decrease in quantity demanded</p> Signup and view all the answers

Study Notes

Demand is a basic economic factor that represents the quantity of a product or service that consumers are willing to buy at a given price. The demand for a product can be influenced by a range of factors, which can cause shifts in the demand curve. In this article, the topic of demand will

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Description

Test your knowledge on the factors that influence the demand for products and services in economics. Understand how various elements can cause shifts in the demand curve.