Practice Demand (2.2) - Theory of Demand and Supply

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8 questions

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2 cards from this section. Quick, good the night before a test.
Exercise
6 questions · about 4 min · pass mark 70%. Hints available.
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Quiz
2 questions · about 1 min · pass mark 70%. Hints available.
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6 sample questions

Question 1.
What is the definition of demand?
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Look for key elements like quantity, consumer, price, and time.
Question 2.
Name two types of demand.
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Think about how many consumers are involved.
3Question 3.
What does the law of demand state?
- Demand decreases with price increase
- Demand increases with price decrease
- Both A and B
- None of the above
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Consider how changes in price usually lead to opposite effects on demand.
4Question 4.
True or False: Market demand is simply the sum of all individual demands.
- True
- False
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Think about how economic choices among individuals contribute to overall demand.
Question 5.
Given a demand curve, analyze how a price increase affects the quantity demanded and explain your reasoning.
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Reference the inverse relationship inherent in the law of demand.
Question 6.
Evaluate a real-world situation where demand increased unexpectedly. What factors might have contributed to this?
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Reflect on current events or patterns that influence consumer behavior.

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