Untitled Quiz

2. Which of the following best illustrates the Law of Demand?

• A. People buy more ice cream when prices go up

• B. A company increases the price and sells more units

• C. A decrease in smartphone prices leads to more people buying them

• D. Consumers ignore price when buying products

1. What does the Law of Demand state?

• A. As price increases, demand increases

• B. As price increases, demand decreases

• C. As price decreases, supply decreases

• D. Demand remains constant regardless of price

3. The Law of Demand assumes that:

• A. Supply is unlimited

• B. Consumers' income changes

• C. All other factors remain constant (ceteris paribus)

• D. Price is irrelevant

4. Which of the following would not cause a movement along the demand curve?

• A. Change in the price of the good

• B. Change in consumer preference

• C. Change in quantity demanded

• D. Temporary price sale

5. What shape does the demand curve typically have?

• A. Vertical

• B. Upward sloping

• C. Downward sloping

• D. Horizontal