Popup Quiz Demand #1

Demand refers to consumers that has .....

• interest in advertising
• desire to own products
• knowledge of market trends
• willingness and ability to purchase

What is the relationship between the law of demand?

• The law of demand suggests that quantity demanded remains constant regardless of price changes.
• The law of demand states that higher prices lead to higher quantity demanded.
• The law of demand describes an inverse relationship between price and quantity demanded.
• The law of demand indicates a direct relationship between price and quantity demanded.

Please clasify substitute goods and complementary goods below!

Groups:

(a) Subtitute Goods

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(b) Complementary Goods

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Which of the following factors can lead to an increase in demand?

• Government

• A decrease in population size

• A rise in consumer preferences for the product

• A decrease in consumer income

Which of the following is NOT a determinant of demand?

• Consumer preferences

• Price of the product

• Cost of production

• Consumer income

How does consumer income affect demand for normal goods?

• Higher income decreases the quantity demanded

• Higher income has no effect on demand

• Higher income leads to lower demand

• Higher income leads to higher demand