What is market demand?
OCR Economics - Part 1 - Supply and Demand

Quiz
•
Social Studies
•
9th - 12th Grade
•
Hard

Sarah-Jane Pattison
Used 4+ times
FREE Resource
28 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Adding together all individual demand
Adding together direct and indirect demand
Changes in prices at each quantity
Consumers’ willingness and ability to buy
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A flower seller increases her prices by 10% and finds that it has no effect on the amount that she sells.
This suggests that demand for the flowers is
Perfectly price elastic
Perfectly price inelastic
Price inelastic
Unitary price elastic
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What usually leads to a rightward shift in the demand curve?
An increase in consumers’ incomes
A technological improvement which reduces the costs of production
The government introduces a tax on the product
The supply curve shifts to the right
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The demand for apples is the amount of them that consumers are willing and able to buy at a given
Cost
Income
Price
Supply
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following refers to the role of the consumer
Acts as the end-user of a good or service
Acts to protect buyers of goods and services
Can decide what goods and services to supply
Can introduce regulations about goods and services
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is meant by unlimited wants?
Goods which do not have an opportunity cost
Resources which are essential for survival
The ability to buy whatever is required
The infinite desire for goods and services
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which diagram shows a supply curve with a unitary elasticity of supply?
W
X
Y
Z
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