What is ‘effective individual demand’. for a product?

The quantity that a consumer wants to buy and has the money to buy it in a time period

The quantity demanded by wealthy consumers.

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.

Which of the following options causes a contraction in demand along the demand curve?

An increase in the price of the product

An increase in consumers’ incomes

A decrease in the price of a substitute product

There is an adverse change in consumer . tastes

A fall in consumers’ incomes.

An increase in the price of a substitute good

A decrease in price of a complementary good

A increase in the price of the product

Quiz

Peter Jones 3 questions

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1What is ‘effective individual demand’. for a product?
1. AThe quantity demanded by wealthy consumers.
2. BThe quantity that a consumer wants to buy and has the money to buy it in a time period
3. CThe 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.
4. DThe maximum price that
2Which of the following options causes a contraction in demand along the demand curve?
1. AAn increase in consumers’ incomes
2. BAn increase in the price of the product
3. CA decrease in the price of a substitute product
4. DThere is an adverse change in consumer . tastes
3Which option or options can cause a forward shift in the demand curve for an inferior product?
1. AA increase in the price of the product
2. BA fall in consumers’ incomes.
3. CAn increase in the price of a substitute good
4. DA decrease in price of a complementary good