Microeconomics: Factors Influencing Demand
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Questions and Answers

Why is the demand curve downward sloping?

  • Due to the change in production technology
  • Due to the income and substitution effects (correct)
  • Due to the law of supply
  • Due to the increase in population

    • What is the effect of an increase in the price of strawberries on the consumer's real income?

  • It decreases the real income (correct)
  • It has no effect on the real income
  • It increases the real income
  • It first increases and then decreases the real income

    • Which of the following is a factor that influences market demand?

  • The number of firms in the industry
  • Expectations of future prices (correct)
  • The type of government in power
  • Change in production technology

    • What is the term for the change in the quantity demanded of a good in response to a change in the price of a related good?

    <p>Change in demand due to a related good</p> Signup and view all the answers

    What is the policy that reduces the cost of a good to the consumer, increasing the demand for it?

    <p>Direct subsidy policy</p> Signup and view all the answers

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