Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What is demand?
What is demand?
- The quantity of a good or service that consumers are willing and able to buy at a given price (correct)
- The price at which a good or service is sold in the market
- The amount of money consumers have to spend on goods and services
- The quantity of a good or service that producers are willing and able to sell at a given price
What determines demand?
What determines demand?
- Government regulations
- Producer costs and technology
- Market competition
- Consumer income and preferences (correct)
How does a change in price affect demand?
How does a change in price affect demand?
- A decrease in price generally leads to an increase in demand, and vice versa (correct)
- Price has no impact on demand
- A decrease in price generally leads to a decrease in demand, and vice versa
- A decrease in price leads to an increase in demand, but an increase in price has no impact on demand
