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Questions and Answers
According to the law of demand, what happens to the quantity demanded as the price of a good or service increases?
According to the law of demand, what happens to the quantity demanded as the price of a good or service increases?
- It fluctuates
- It decreases (correct)
- It increases
- It remains the same
Which of the following is a determinant of demand related to changes in consumer habits and preferences?
Which of the following is a determinant of demand related to changes in consumer habits and preferences?
- Level of Taxation
- Advertisement
- Taste, Habits, and Fashions (correct)
- Price of Complementary Goods
What effect does effective advertisement and sales promotion have on the demand for a product?
What effect does effective advertisement and sales promotion have on the demand for a product?
- It fluctuates the demand
- It leads to greater demand (correct)
- It has no effect on demand
- It decreases the demand
How does income level influence the demand for a commodity?
How does income level influence the demand for a commodity?
What is the relationship between price of a commodity and its demand according to the law of demand?
What is the relationship between price of a commodity and its demand according to the law of demand?
Which type of demand refers to the demand for goods required for further production?
Which type of demand refers to the demand for goods required for further production?
Which type of demand involves the simultaneous demand for two or more goods to satisfy a single want?
Which type of demand involves the simultaneous demand for two or more goods to satisfy a single want?
Which type of demand involves a commodity that can be utilized for several needs or multiple uses?
Which type of demand involves a commodity that can be utilized for several needs or multiple uses?
Which type of demand involves goods that are substitutes for each other?
Which type of demand involves goods that are substitutes for each other?
Which type of demand refers to the direct satisfaction of a consumer's want by a commodity?
Which type of demand refers to the direct satisfaction of a consumer's want by a commodity?
What type of demand involves the simultaneous demand for two or more goods to satisfy a single want?
What type of demand involves the simultaneous demand for two or more goods to satisfy a single want?
Which type of demand involves goods that are substitute for each other?
Which type of demand involves goods that are substitute for each other?
What type of demand refers to the demand for goods required for further production?
What type of demand refers to the demand for goods required for further production?
Which type of demand involves a commodity that can be utilized for several needs or multiple uses?
Which type of demand involves a commodity that can be utilized for several needs or multiple uses?
What type of demand refers to the direct satisfaction of a consumer's want by a commodity?
What type of demand refers to the direct satisfaction of a consumer's want by a commodity?
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