Individual Demand vs Market Demand Quiz
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Questions and Answers

Which of the following best describes individual demand?

  • The demand for a commodity by a group of consumers
  • The demand for a commodity by a specific industry
  • The total demand for a commodity in the entire market
  • The demand for a commodity by a single consumer (correct)

    • What characterizes market demand of a commodity?

  • The demand for a commodity by a specific industry
  • The demand for a commodity by a single consumer
  • The total demand for a commodity in the entire market (correct)
  • The demand for a commodity by a group of consumers

    • In economics, what is meant by individual demand?

  • The total demand for a commodity in the entire market
  • The demand for a commodity by a single consumer (correct)
  • The demand for a commodity by a specific industry
  • The demand for a commodity by a group of consumers

    • Individual demand refers to the total demand for a commodity in the market.

    <p>False</p> Signup and view all the answers

    Market demand is the sum of the individual demands of all consumers in the market.

    <p>True</p> Signup and view all the answers

    Individual demand and market demand are identical concepts.

    <p>False</p> Signup and view all the answers

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