The demand function
Topic: Demand and Supply Quiz ( MCQ and Answer )
If consumers expect future prices to be higher
Which of the following statements is incorrect?
Advertising can influence demand by altering tastes of consumers. This type of advertising is known as
Advertising provides consumers with information about the underlying existence or quality of a product. These types of advertising messages are called
Firms advertise in order to cause the demand for their products to
Which of the following are least likely to be complements?
Good Y is a complement to good X if an increase in the price of good Y leads to
Which of the following are least likely to be substitutes?
Suppose that good X is a substitute for good Y. Then an increase in the price of good Y leads to
An inferior good is a good
Suppose good X is a normal good. Then a decrease in income would lead to
Which of the following is least likely to be a normal good?
Good X is a normal good if an increase in income leads to
Changes in the price of other goods lead to
Demand shifters do not include
The law of demand states that if the price of a good falls and all other things remain the same, the
Suppose both supply and demand decrease. What effect will this have on price?
Suppose that supply increases and demand decreases. What effect will this have on price and quantity?
Suppose you produce wooden desks, and government….
If steak is a normal good, what do you suppose would happen to price and quantity during an economic recession?
Suppose market demand and supply are…..