Analysis of Demand

What do you call the quantity of a good or service that buyers are willing and able to purchase at various prices, all things being equal?

• demand

• demand schedule

• demand curve

• Law of Demand

Why does the demand curve slope downward?

• It shows a direct relationship between price and quantity of demand.

• It shows a direct relationship between price and other factors that affect the demand.

• It shows an inverse relationship between price and the quantity of demand.

• It shows an inverse relationship between price and other factors that affect the demand.

At what price is the demand the highest?

• P5

• P4

• P3

• P2

What is the demand given the demand function Qd=100-8P if the price is at P5?

• 50

• 55

• 60

• 65

The demand for school bus service dropped as schools transitioned to online learning. What is the factor behind the change in demand here?

• change in taste or preference

• change in the number of buyers

• change in income

• change in the price of related goods

What will happen to the demand for hospital ICU beds after a successful covid vaccination campaign?

• It will stay the same.

• It will decrease,

• It will increase.

• It can't be predicted with certainty.

What is shown by a shift of the demand curve to the right?

• a constant demand at various prices

• a decrease in the demand due to price changes

• an increase in demand due to changes in the price

• an increase in demand due to non-price factors

What is the practical purpose of knowing the Law of Demand?

• It increases our knowledge of economic concepts.

• It helps us forecast changes in the demand at varying situations.

• It helps buyers in their purchase decisions.

• It helps sellers in influencing demand for their product.