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Understanding Demand in Economics

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Questions and Answers

According to the passage, what is the essential element of demand in economics?

Desire for an object

Willingness to buy a commodity

Purchasing power to pay

All of the above (correct)

What does the passage say is the definition of demand according to Stonier and Hague?

The amount of a good that will be bought per unit of time at a given price

Demand backed up by enough money to pay for the goods demanded (correct)

Willingness to buy a commodity

Desire for an object

What are the three essential elements of demand according to the passage?

Commodity, money, and time

Desire, willingness to buy, and purchasing power

Stonier and Hague's definition, Benham's definition, and the definition in common parlance

Price, quantity demanded, and time (correct)

According to the passage, what does demand in common parlance mean?

The desire for an object Signup and view all the answers

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 Signup and view all the answers

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. Signup and view all the answers

Which of the following assumptions is NOT listed in the text as a requirement for the law of demand?

Producers' costs should remain constant. Signup and view all the answers

What does the demand curve represent?

The inverse relationship between price and quantity demanded. Signup and view all the answers

Which of the following statements is NOT true according to the text?

People should expect changes in the price of the commodity. Signup and view all the answers

What is the shape of the demand curve?

Downward sloping Signup and view all the answers