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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