Untitled video quiz

In economics, what defines demand for a good or service?

• The quantity consumers desire to buy at any price.

• The quantity consumers are willing and able to buy at a given price in a given time period.

• The total quantity of a good or service produced by suppliers.

• The quantity of a good or service that is available for sale.

According to the Law of Demand, what is the relationship between price and quantity demanded?

• A direct relationship: as price increases, quantity demanded increases.

• An inverse relationship: as price increases, quantity demanded decreases.

• No relationship: price and quantity demanded are independent.

• A proportional relationship: price and quantity demanded change by the same percentage.

When the price of a good changes, and all other factors remain constant (ceteris paribus), what occurs on the demand curve?

• The entire demand curve shifts to the left or right.

• There is a movement along the demand curve.

• The demand curve becomes steeper or flatter.

• The supply curve is affected, not the demand curve.