Practice Law Of Demand (3.2) - Microeconomics - IB 10 Individuals & Societies

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9 questions

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6 sample questions

Question 1.
What does the Law of Demand state?
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Think about how consumers react to price changes.
Question 2.
Name a factor affecting demand.
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What influences how much people are willing to buy?
3Question 3.
Which of the following best describes the Law of Demand?
- As price increases, quantity demanded increases
- As price decreases, quantity demanded decreases
- As price increases, quantity demanded decreases
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Remember that higher prices lead to lower consumption.
4Question 4.
True or False: Demand curves always slope upward.
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Consider the shape of the demand curve.
Question 5.
An increase in the price of smartphones has led to a significant decrease in their quantity demanded. Analyze the implications this has on related goods, like smartphone accessories.
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Remember how complements interact with changes in price.
Question 6.
Evaluate how seasonal changes affect the demand for winter vs. summer clothing. Use the Law of Demand and consider income effects as well.
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Think about how timing and consumer income play a role.

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