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Understanding Demand in Economics

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Questions and Answers

What is the main factor that affects demand?

Income

Price (correct)

Population

Tastes and preferences

What is the 'law of demand'?

The lower the price, the lower the quantity demanded

The higher the price, the lower the quantity demanded

The higher the price, the higher the quantity demanded

The lower the price, the greater the quantity demanded (correct)

What is the primary difference between demand and supply?

The quantity of the product

The price of the product

The direction of the relationship between price and quantity (correct)

The type of commodity

What happens to the demand when the price of a product decreases?

It increases Signup and view all the answers

What is the term for the sum of all individual consumers' demands?

Demand schedule Signup and view all the answers

What is the term for the total of all the amounts of individual sellers, tabulated to show the quantity offered for sale at different prices?

Supply schedule Signup and view all the answers

According to the second law of supply and demand, what happens when the price is higher?

The quantity supplied increases Signup and view all the answers

What is the term for the price at which demand and supply are equal?

Equilibrium price Signup and view all the answers

What happens when the price is set above the equilibrium price?

Supply exceeds demand and sellers have a large number of unsold products Signup and view all the answers

What is the purpose of government policy around price controls?

To protect farmer incomes and prevent smaller local suppliers from being squeezed out of the marketplace Signup and view all the answers