Microeconomics Quiz
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Questions and Answers

What do economists mean by demand?

  • The willingness of consumers to buy goods and services
  • The total number of units purchased at a specific price
  • The amount of a good or service consumers are willing and able to purchase at each price (correct)
  • The ability of consumers to pay for goods and services

    • What happens to the quantity demanded when the price of a good or service decreases?

  • It increases (correct)
  • It remains the same
  • It fluctuates
  • It decreases

    • What is the relationship between price and quantity demanded called?

  • The law of demand (correct)
  • The demand curve
  • The law of supply
  • The supply curve

    • What is the term used for the amount of some good or service consumers are willing and able to purchase at each price?

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

    What determines the effective demand for a good or service?

    <p>Ability to pay</p> Signup and view all the answers

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