
Understanding Demand Concepts
Authored by Andreas Ni
Business
8th Grade
Used 3+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the Law of Demand state?
As the price increases, the quantity demanded decreases.
The quantity demanded remains constant regardless of price changes.
Higher prices lead to higher demand for goods.
As the price decreases, the quantity demanded increases.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Name two factors that can affect demand.
Consumer preferences, income levels
Advertising strategies
Weather conditions
Production costs
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does consumer income influence demand?
Consumer income influences demand by increasing demand for normal goods and decreasing demand for inferior goods.
Higher consumer income decreases demand for all products.
Consumer income has no effect on demand for any goods.
Consumer income only affects the supply of goods.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is meant by a shift in demand?
A shift in demand indicates a change in the supply of goods.
A shift in demand refers to a decrease in consumer preferences.
A shift in demand indicates a change in consumer willingness to buy at all price levels.
A shift in demand means an increase in production costs.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Give an example of a good that might see an increase in demand due to a change in consumer preferences.
Frozen pizza
Plant-based meat alternatives
Canned soup
Traditional beef burgers
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between movement along the demand curve and a shift in the demand curve?
Both movement along the demand curve and a shift are caused by price changes.
Movement along the demand curve refers to a change in quantity supplied, while a shift refers to a change in quantity demanded.
Movement along the demand curve is caused by non-price factors, while a shift is caused by price changes.
Movement along the demand curve is caused by price changes, while a shift in the demand curve is caused by non-price factors.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define contraction of demand in economic terms.
Contraction of demand refers to a shift in demand curve to the right.
Contraction of demand is a decrease in quantity demanded due to an increase in price.
Contraction of demand occurs when consumer preferences change favorably for a product.
Contraction of demand is an increase in quantity demanded due to a decrease in price.
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