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According to the passage, what is the essential element of demand in economics?
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?
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?
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?
According to the passage, what does demand in common parlance mean?
What is Benham's definition of demand according to the passage?
What is Benham's definition of demand according to the passage?
Which of the following statements best describes the law of demand?
Which of the following statements best describes the law of demand?
Which of the following assumptions is NOT listed in the text as a requirement for the law of demand?
Which of the following assumptions is NOT listed in the text as a requirement for the law of demand?
What does the demand curve represent?
What does the demand curve represent?
Which of the following statements is NOT true according to the text?
Which of the following statements is NOT true according to the text?
What is the shape of the demand curve?
What is the shape of the demand curve?
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