Demand Theory

The definition of demand in an economic perspective is

• the desire to purchase goods and services at a certain price.

• the desire of all individuals in a market to purchase goods and services at a certain price.

• the desire of an individual to obtain goods and services, supported by the ability to pay a certain price.

• the ability of an individual to spend his/her income to purchase goods and services.

The law of demand shows the relationship between

• consumers' income and demand.

• population and demand.

• demand and supply.

• price and quantity demanded.

A movement along a demand curve can be influenced by

• tastes.

• population.

• the product's price.

• consumers' income.

Assuming other factors do not change, an increase in the price of cameras will cause the demand curve for film to

• remain unchanged.

• shift to the left.

• shift to the right

• become steeper.

The law of demand states that

• the higher the price of goods, the lower the quantity that will be demanded and vice versa.

• the higher the price of goods, the higher the quantity that will be demanded and vice versa.

• the lower the price of goods, the lower quantity that will be demanded and vice versa.

• the higher the price of goods, the lower the quantity that will be supplied and vice versa.

Which of the following is not general determinant of demand?

• Price of goods

• Taste

• Technology

• Consumer household income

Which is not the example of complementary goods?

• Cereal and Milk

• DVD and a DVD player

• Petrol and Car

• Printer and Pen

Increase in demand will shift the curve to the left, while decrease in demand will shift the curve to the right.

• True

• False

Which one is not type of demand?

• Competitive Demand

• Exceptional Demand

• Complementary Demand

• Related Demand

Which is the correct demand function?

• Qd = c - dP

• Qd = Qs

• Qd = a - bP

• Qd = a - b