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Theory of Demand

Authored by Gaurangi Bhat

Other

10th Grade

Used 43+ times

Theory of Demand
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18 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The diagram represents a

increase in demand
decrease in demand

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of demand states that

a decrease in the price of a good shifts the demand curve leftward.

other things remaining the same, the higher the price of a good, the smaller is the quantity demanded

other thing remaining the same, the higher the price of a good, the larger is the quantity demanded.

an increase in the price of a good shifts the demand curve leftward.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of demand states that the quantity of a good demanded varies

inversely with its price.

directly with population.

directly with income.

inversely with the price of substitute goods

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The quantity demanded is

the amount of a good that consumers plan to purchase at a particular price.

independent of the price of the good.

independent of consumers' buying plans.

always equal to the equilibrium quantity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of demand states that, other things remaining the same, the higher the price of a good, the

smaller is the demand for the good.

larger is the demand for the good.

smaller is the quantity of the good demanded.

larger is the quantity of the good demanded.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suppose people buy more of good X when the price of good Y falls. These goods are

substitutes.

inferior.

normal.

complements.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Normal goods are those for which demand decreases as

the good's own price rises

the price of a complement falls

income decreases.

the price of a substitute falls

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