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Questions and Answers
What happens to the quantity demanded when the price of a product decreases?
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?
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?
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?
How does an increase in the number of consumers generally affect demand?
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What effect does a decrease in the price of a complement have on the demand for the original product?
What effect does a decrease in the price of a complement have on the demand for the original product?
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