demand topic quiz

Question 1

income elasticity and inelastic demand are types of elasticity of demand

Accepted Answer

False

Question 2

benefits of studying economics

Accepted Answer

help Decision-Making, Critical Thinking, Career Opportunities, Entrepreneurship

Question 3

reasons why demand curve is negatively sloped

Accepted Answer

Income, Substitute changes, change in price, future changes

Question 4

Lack of Product Differentiation and Lack of Consumer Choice are DISADVANTAGES OF perfectly competitive market

Accepted Answer

True

Question 5

demand refers to the quantity of a good or service that consumers are willing and able to supply at given price

Accepted Answer

False

Question 6

categories of elasticity of demand

Accepted Answer

cross elasticity

Questions 6