10 Questions
Which one of the following is the correct definition of demand?
The quantity demanded of a commodity at a certain price during a specific period of time
What does demand depend upon?
The utility of the commodity
What does it mean for demand to be effective?
The desire to own a commodity is backed by purchasing power and willingness to spend
What type of concept is demand?
A dynamic concept
What does demand refer to?
Demand for final consumer goods
Which of the following components are necessary for demand of a commodity?
Quantity, price, and time
What does it mean for demand to be a flow concept?
Demand is measured over a period of time
What is the relationship between demand and utility?
Demand is dependent on utility
What does it mean for demand to be effective?
Demand is backed by purchasing power and willingness to spend
What does direct demand refer to?
Demand for final consumer goods
Test your knowledge on the concept of demand with this quiz! Learn about the definition and features of demand, and understand how quantity and price play a role in consumer demand for a commodity. Challenge yourself with real-life examples and enhance your understanding of this fundamental economic concept.
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