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- 1. Multiple Choice
What do you call the quantity of a good or service that buyers are willing and able to purchase at various prices, all things being equal?
demand
demand schedule
demand curve
Law of Demand
- 2. Multiple Choice
Why does the demand curve slope downward?
It shows a direct relationship between price and quantity of demand.
It shows a direct relationship between price and other factors that affect the demand.
It shows an inverse relationship between price and the quantity of demand.
It shows an inverse relationship between price and other factors that affect the demand.
- 3. Multiple Choice
At what price is the demand the highest?
P5
P4
P3
P2
- 4. Multiple Choice
What is the demand given the demand function Qd=100-8P if the price is at P5?
50
55
60
65
- 5. Multiple Choice
The demand for school bus service dropped as schools transitioned to online learning. What is the factor behind the change in demand here?
change in taste or preference
change in the number of buyers
change in income
change in the price of related goods
- 6. Multiple Choice
What will happen to the demand for hospital ICU beds after a successful covid vaccination campaign?
It will stay the same.
It will decrease,
It will increase.
It can't be predicted with certainty.
- 7. Multiple Choice
What is shown by a shift of the demand curve to the right?
a constant demand at various prices
a decrease in the demand due to price changes
an increase in demand due to changes in the price
an increase in demand due to non-price factors
- 8. Multiple Choice
What is the practical purpose of knowing the Law of Demand?
It increases our knowledge of economic concepts.
It helps us forecast changes in the demand at varying situations.
It helps buyers in their purchase decisions.
It helps sellers in influencing demand for their product.
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