Practice Theory Of Demand And Supply (2) - Theory of Demand and Supply

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9 questions

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6 questions · about 4 min · pass mark 70%. Hints available.
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3 questions · about 2 min · pass mark 70%. Hints available.
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6 sample questions

Question 1.
Define demand in your own words.
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Think about both willingness and ability.
Question 2.
What does the Law of Demand state?
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Consider how price changes affect buying behavior.
3Question 3.
What does the Law of Demand state?
- When prices increase, demand decreases.
- When prices decrease, demand decreases.
- There is no relationship between price and demand.
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Think about consumer behavior when prices change.
4Question 4.
True or False: A rise in consumer incomes generally increases demand for normal goods.
- True
- False
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Consider what happens when people earn more.
Question 5.
You are a market analyst for a luxury watch brand. How would a decrease in your competitors' prices affect your watch's demand?
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Think about how consumers view value against price.
Question 6.
Assess how technological advancements in production can influence the supply curve for smartphones.
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Consider how efficiency in production affects overall output.

5 more questions in this section. Enroll free to practise them all.