30771852
Description
Quiz by Peter Jones, updated more than 1 year ago
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Created by Peter Jones
almost 3 years ago
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Question 1
Question
What is ‘effective individual demand’. for a product?
Answer
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The quantity demanded by wealthy consumers.
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The quantity that a consumer wants to buy and has the money to buy it in a time period
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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.
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The maximum price that
Question 2
Question
Which of the following options causes a contraction in demand along the demand curve?
Answer
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An increase in consumers’ incomes
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An increase in the price of the product
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A decrease in the price of a substitute product
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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
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A increase in the price of the product
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A fall in consumers’ incomes.
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An increase in the price of a substitute good
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A decrease in price of a complementary good
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