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2. Microeconomics
2.1 Demand and Supply
2.1.1 Demand
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Demand refers to the quantity of a good or service that consumers are willing and able to buy at different
prices
Changes in consumer tastes and preferences can increase or decrease
demand
Match the factor with its effect on demand:
Income ↔️ Direct relationship
Consumer tastes ↔️ Increase or decrease
The Law of Demand explains the effect of income changes on demand.
False
Demand refers to the quantity of a good or service that consumers are willing and able to buy at different
prices
What type of relationship exists between the price of a complementary good and the demand for the original good?
Direct relationship
The Law of Demand states that as the price of a good increases, the quantity demanded
decreases
The downward slope of the demand curve reflects diminishing marginal
utility
What is the primary factor that shifts the demand curve?
Factors other than price
Higher prices of complements shift the demand curve to the left.
True
Why does the demand curve shift to the right when the price of a substitute good increases?
Consumers switch to the original good
Higher prices always lead to lower demand for a good.
True
The Law of Demand states that as the
price
of a good increases, the
quantity demanded
decreases.
demanded
The demand curve slopes upward from left to right.
False
A demand schedule is a table that shows the quantity consumers are willing and able to buy at different
prices
Steps to construct a demand schedule and curve
1️⃣ List different possible prices
2️⃣ Determine corresponding quantities
3️⃣ Plot price-quantity pairs
4️⃣ Connect the points to form the curve
Factors other than price can shift the demand
curve
.
True
Higher incomes shift the demand curve to the
right
Understanding demand shifters is crucial for businesses to predict consumer behavior.
True
Quantity demanded represents a single
point
What happens to the quantity demanded of coffee if its price increases?
Decreases
Higher incomes lead to lower demand for normal goods.
False
Higher prices lead to higher quantity demanded.
False
The Law of Demand states that as the price of a good increases, the quantity demanded
decreases
What is the effect of higher prices on the quantity demanded according to the law of demand?
Lower quantity demanded
Higher income leads to lower demand for normal goods.
False
Steps to construct a demand curve
1️⃣ List possible prices
2️⃣ Determine corresponding quantities
3️⃣ Plot price-quantity pairs
4️⃣ Connect points to form curve
What happens to the demand curve when income increases?
Shifts to the right
What is the effect on the demand curve of a higher price for a complementary good?
Shifts to the left
Higher incomes shift the demand curve to the
right
Order the factors that shift demand from most direct to most indirect effect:
1️⃣ Income
2️⃣ Prices of related goods
3️⃣ Consumer tastes and preferences
4️⃣ Number of consumers
Demand
refers to the
quantity
of a good or service that
consumers
are
willing and able
to
buy
at
different prices
over a
given period of time
.
prices
What is the fundamental principle of the Law of Demand?
Inverse relationship between price and quantity
Steps to construct a demand schedule and curve:
1️⃣ List possible prices
2️⃣ Determine corresponding quantities
3️⃣ Plot price-quantity pairs
4️⃣ Connect points to form the curve
What is the relationship between price and quantity demanded according to the law of demand?
Inverse
The demand curve slopes downward from
left
to right.
True
The downward slope of the demand curve reflects the diminishing marginal
utility
Match the factor with its effect on the demand curve:
Income ↔️ Higher income shifts the demand curve to the right
Consumer tastes ↔️ Positive changes shift the demand curve to the right
Number of consumers ↔️ More consumers shift the demand curve to the right
Prices of substitutes ↔️ Higher prices shift the demand curve to the right
What happens to the demand curve for normal goods if consumer incomes rise?
Shifts to the right
Match the concept with its description:
Demand ↔️ Relationship between price and quantity
Quantity demanded ↔️ Specific quantity at a particular price
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