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Fundamental Demand Concepts Quiz

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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

Fundamental Demand Concepts Quiz

Choose a study mode

Podcast

Questions and Answers

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

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

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

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

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

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