Chapter 3: Demand

Front

•If a person is willing to purchase a product but is not able to purchase it, it won't be considered as demand.

Back

True

Front

The demand of a single consumer or producer is called ___________

Back

Individual Demand

Front

Demand is a combination of:
A. Desire
B. Ability/Capacity
C. Willingness/Readiness

Back

A, B & C

Front

If the price of Frozen Yogurt increased then the demand for ice cream will

Back

Increase

Front

Substitute Goods are the goods that:

Back

can replace or used instead of a product

Front

Which of the following is an example of Substitute Goods: Petrol and Car, Ink and Pen, Tea and Coffee?

Back

Tea and Coffee

Front

Which of the following is classified as an example for complimentary goods: Butter & Jam, Petrol and Diesel, Mobile phone and a charging cable?

Back

Mobile phone and a charging cable

Front

Market Demand is the aggregate of all the Individual Demand.

Back

True

Front

Demand Schedule is the __________ showing various quantities being demanded at various levels of price, during a given period of time.

Back

tabular, table, chart

Front

Law of Demand shows the direct relationship between the price and quantity demanded.

Back

True