30771852
Description
Quiz by Peter Jones, updated more than 1 year ago
|
Created by Peter Jones
over 3 years ago
|
|
Question 1
Question
What is ‘effective individual demand’. for a product?
Answer
-
The quantity demanded by wealthy consumers.
-
The quantity that a consumer wants to buy and has the money to buy it in a time period
-
The quantity of a good or service that all consumers in the market are willing and able to buy at a given price in a time period.
-
The maximum price that
Question 2
Question
Which of the following options causes a contraction in demand along the demand curve?
Answer
-
An increase in consumers’ incomes
-
An increase in the price of the product
-
A decrease in the price of a substitute product
-
There is an adverse change in consumer . tastes
Question 3
Question
Which option or options can cause a forward shift in the demand curve for an inferior product?
Answer
-
A increase in the price of the product
-
A fall in consumers’ incomes.
-
An increase in the price of a substitute good
-
A decrease in price of a complementary good
Want to create your own Quizzes for free with GoConqr? Learn more.