Demand

The quantity demanded of a product is the amount that buyers are willing and able to purchase at a particular price.

• True

• False

The law of demand states that the quantity demanded of a product is positively related to price.

• True

• False

The market demand is the average of all of the individual demands for a particular good or service

• True

• False

What is wrong with the statement:

"Demand refers to the willingness of buyers to purchase different quantities of goods at different prices during a specific time period"

• Instead of "demand", it should be "quantity demanded".

• Instead of "willingness", it should be "ability"

• Demand refers to the willingness and ability of buyers, not just willingness.

• There is nothing wrong with the statement.

__________ refers to a specific number of unit buyers want to buy at a specific price.

The law of demand is when the price falls, the quantity demanded falls.

When the price rises, the quantity demanded increases.

• True

• False

Extension of demand is where the movement along the demand curve, as the price falls the quantity demanded will increases (rises).

• True

• False

Contraction of demand is where the movement along the demand curve, as the price rises, the quantity demanded will increases.

• True

• False

Shifts of demand curve means there is an increase in demand and decrease in demand due to the changes in the price of the goods itself only.

• True

• False

If there is an increase in demand, the demand curve will shifts to the downward.

• True

• False