Introduction to Demand

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

• True

• False

•if a person is able to purchase a certain quantity of a product but is not willing to purchase it, this won't be considered demand.

• True

• False

The demand of a single consumer or producer is called ___________

• My Demand

• Individual Demand

• Personalized Demand

• Constructive Demand

Demand is a combination of:

A. Desire

B. Ability/Capacity

C. Willingness/Readiness

• A & B

• B & C

• A & C

• A, B & C

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

• Increase

• Decrease

Substitute Goods are the goods that:

• Go hand in hand with other products

• Are used independently

• can replace or be used instead of a product

Which of the following is termed as an example of Substitute Goods

• Petrol and Car

• Ink and Pen

• Tea and Coffee

Which of the following is classified as an example for complimentary goods

• Butter & Jam

• Petrol and Diesel

• Mobile phone and a charging cable

_____________ is natural while ______________ is a market condition/man-made

• Shortage, Scarcity

• Shortage, Goods

• Scarcity, Services

• Scarcity, Shortage

When the consumer expects the price in the future to increase, what impact does that have on the current demand?

• Current demand falls slightly

• No change in the current demand

• Current Demand Increases

• Current demand falls considerably