Demand and Its Determinants
Economics ⇒ Markets and Price Determination
Demand and Its Determinants starts at 11 and continues till grade 12.
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Define demand in economics.
Describe the relationship between price and quantity demanded as shown by the demand curve.
Explain how tastes and preferences affect demand.
Explain the concept of 'derived demand' with an example.
If the price of a good falls from Rs. 50 to Rs. 40 and the quantity demanded rises from 100 units to 120 units, calculate the percentage change in quantity demanded.
If the price of butter increases, what is likely to happen to the demand for margarine?
If the price of petrol increases, what is likely to happen to the demand for cars?
Suppose the demand for a good increases when the income of the consumer falls. What type of good is this?
The demand for inferior goods ________ as income rises. (1) increases, (2) decreases, (3) remains unchanged, (4) first increases then decreases
Which of the following is a determinant of market demand but not of individual demand? (1) Price of the good, (2) Population, (3) Income, (4) Tastes and preferences
Which of the following is an example of a Giffen good? (1) Rice for a poor consumer, (2) Gold, (3) Air conditioners, (4) Designer clothes
Which of the following is an exception to the law of demand? (1) Giffen goods, (2) Normal goods, (3) Inferior goods, (4) Complementary goods
Fill in the blank: The demand for a commodity is said to be ________ if it changes more than proportionately to a change in price.
Fill in the blank: The demand for a commodity that is a necessity is usually ________ elastic.
Fill in the blank: The demand for a good is said to be ________ if it does not change with a change in price.
Fill in the blank: The demand for a good that is highly responsive to a change in price is called ________ demand.
State whether the following statement is true or false: 'A change in consumer tastes in favour of a good will shift the demand curve to the right.'
State whether the following statement is true or false: 'A decrease in the price of a complementary good increases the demand for the given good.'
State whether the following statement is true or false: 'The demand for luxury goods is income elastic.'
True or False: A change in the price of the good itself leads to a movement along the demand curve, not a shift.
