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Fundamental Demand Concepts Quiz
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Fundamental Demand Concepts Quiz

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@MagicalRationality

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Questions and Answers

What happens to the quantity demanded when the price of a product decreases?

  • It usually decreases
  • It remains constant
  • It becomes unpredictable
  • It usually increases (correct)

    • How does an increase in consumer income generally affect the demand for normal goods?

  • It leads to unpredictable changes in demand
  • It has no effect on demand
  • It generally leads to an increase in demand (correct)
  • It generally leads to a decrease in demand

    • What impact can changes in consumer preferences and tastes have on demand?

  • Minimal impact on demand
  • No impact on demand
  • Significant impact on demand (correct)
  • Negative impact on demand

    • How does an increase in the number of consumers generally affect demand?

    <p>It generally leads to an increase in demand</p> Signup and view all the answers

    What effect does a decrease in the price of a complement have on the demand for the original product?

    <p>It may increase the demand for the original product</p> Signup and view all the answers

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