10 Questions
According to the passage, what is the essential element of demand in economics?
All of the above
What does the passage say is the definition of demand according to Stonier and Hague?
Demand backed up by enough money to pay for the goods demanded
What are the three essential elements of demand according to the passage?
Price, quantity demanded, and time
According to the passage, what does demand in common parlance mean?
The desire for an object
What is Benham's definition of demand according to the passage?
The demand for anything at a given price is the amount of it which will be bought per unit of time at that Price
Which of the following statements best describes the law of demand?
The amount demanded increases with a fall in price and diminishes with a rise in price.
Which of the following assumptions is NOT listed in the text as a requirement for the law of demand?
Producers' costs should remain constant.
What does the demand curve represent?
The inverse relationship between price and quantity demanded.
Which of the following statements is NOT true according to the text?
People should expect changes in the price of the commodity.
What is the shape of the demand curve?
Downward sloping
Explore the concept of demand in economics, beyond just desire for an object. Learn how demand relates to willingness to buy a commodity and purchasing power, as explained by Stonier and Hague.
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