
Demand Quiz
Quiz
•
Business
•
12th Grade
•
Practice Problem
•
Medium
Lorna Wardle
Used 25+ times
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44 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is demand?
A) The quantity of a good or service consumers are willing to buy at a particular price and point in time.
B) The total amount of goods produced by a company.
C) The price at which a good or service is sold.
D) The number of consumers in a market.
Answer explanation
Demand refers to the quantity of a good or service consumers are willing to buy at a particular price and point in time, making option A the correct choice.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a component of demand?
A) The quantity of a good or service.
B) Consumers' willingness to buy.
C) The production cost of a good or service.
D) A particular point in time.
Answer explanation
The correct choice is C) The production cost of a good or service because it is a factor that influences supply, not demand.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Demand is determined by which of the following factors?
A) The quantity of a good or service, consumers' willingness to buy, at a particular price, and at a particular point in time.
B) The supply of a good or service, the cost of production, and the number of producers.
C) The marketing strategies, the brand value, and the advertising budget.
D) The government policies, the tax rates, and the import duties.
Answer explanation
Demand is determined by the quantity of a good or service, consumers' willingness to buy at a particular price, and at a particular point in time, which aligns with option A.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the demand curve reflect?
A) A direct relationship between price and quantity demanded.
B) An inverse relationship between price and quantity demanded.
C) A constant relationship between price and quantity demanded.
D) No relationship between price and quantity demanded.
Answer explanation
The demand curve reflects an inverse relationship between price and quantity demanded, where as price increases, quantity demanded decreases.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the demand curve graph show?
A) The price consumers are willing to pay and the quantity producers are willing to sell.
B) The price producers are willing to sell and the quantity consumers are willing to buy.
C) The price consumers are willing to pay and the quantity consumers are willing to buy.
D) The price producers are willing to sell and the quantity producers are willing to sell.
Answer explanation
The demand curve graph shows the price consumers are willing to pay and the quantity consumers are willing to buy.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the likely demand for motor vehicles if the price is set at $35,000 per unit?
1,000 units
2,750 units
3,500 units
500 units
Answer explanation
At a price of $35,000 per unit, the likely demand for motor vehicles is 1,000 units as indicated in the correct answer choice.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price of a motor vehicle is reduced to $20,000 per unit, what is the expected demand?
1,000 units
2,750 units
3,000 units
1,500 units
Answer explanation
If the price is reduced to $20,000, the expected demand is 2,750 units as indicated in the correct answer choice.
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