Quiz 4

What is ‘demand’ in Economics?

 
 
 
 

A normal good’s price and quantity demanded are inversely related.

 
 

Quantity supplied is not usually affected by the price.

 
 

What is a demand curve?

 
 
 
 

From the following, tick the determinants of demand.

 
 
 
 
 
 

An outward or a right shift in demand curve represents an increase in demand.

 
 

What happens to the Demand Curve when income of the customers goes up?

 
 
 
 

What happens to the Demand Curve of a particular product when a new scientific finding tells that its consumption has health risks?

 
 
 
 

What is market equilibrium?

 
 
 
 

The demand of a product increases if a substitute’s price increases.

 
 

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