Theory of Demand Quiz(Part 1) Formative Assessment

What is the definition of Demand?

What is the typical relationship between Demand and the price of a good?

What is a Demand Curve in the context of a grocery store?

• The total demand for all fruits from customers at a grocery store.

• A graph that shows quantities of apples demanded by customers at various prices.

• A table that shows quantities of bananas demanded by customers at various prices.

• An equation that shows the relationship between quantity of oranges demanded and price.

What is Individual Demand?

• The demand of just one buyer in the market.

• The total demand for a product from all of its buyers.

• The specific amount of a product that buyers are willing and able to buy at a particular price.

• The quantity of a good buyers are willing and able to buy at various prices over a period of time.

What is the Law of Demand in the context of a bookstore?

• If the price of a bestselling novel increases, more customers will buy it.

• If the price of a classic book decreases, fewer customers will purchase it.

• If the price of a mystery novel decreases, the demand for it will remain the same.

• If the price of a self-help book decreases, more customers will be interested in buying it.

What is Market Demand in the context of a lemonade stand?

• The specific amount of lemonade that customers are willing and able to buy at a particular price.

• The quantity of lemonade customers are willing and able to buy at various prices over a period of time.

• The total demand for lemonade from all customers at the stand.

• The demand of just one customer at the lemonade stand.

What is a Demand Function?

• A graph that shows quantities demanded by consumers at various prices.

• An algebraic expression that shows the relationship between quantity demanded and price.

• A table that shows quantities demanded by consumers at various prices.

• The total demand for a product from all of its buyers.

Based on the Law of Demand, what are Nigerians expected to do when the government increases the price of petrol?

• Nigerians should buy more petrol

• Nigerians should still buy the same amount of petrol they bought before the price increase

• Nigerians should protest

• Nigerians should consume less petrol

Jamaldeen was asked by a Pepsi marketer the number of bottles of Pepsi he would buy in a week at the following set of prices: N1,000; N750; N500. The data collected by the marketer would be called the

• market demand for Pepsi

• quantity of Pepsi demanded

• individual's demand for Pepsi

• demand for Pepsi

A ___________________ is a graphical representation of a demand schedule.