The Demand Curve (HSC SSCE Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What does the term 'ceteris paribus' mean in economic analysis?
What does the term 'ceteris paribus' mean in economic analysis?
All other things being equal
What is a demand schedule?
What is a demand schedule?
A table showing quantity demanded at prices
According to the law of demand, what happens when the price of a product increases?
According to the law of demand, what happens when the price of a product increases?
Quantity demanded decreases
What is the income effect in demand theory?
What is the income effect in demand theory?
Lower prices let consumers buy more
What does the substitution effect explain?
What does the substitution effect explain?
Lower-priced goods become more attractive
What are Veblen goods?
What are Veblen goods?
Luxury goods with higher demand as price rises
On a demand curve graph, which variable is plotted on the vertical axis?
On a demand curve graph, which variable is plotted on the vertical axis?
Price
Which direction does a typical demand curve slope?
Which direction does a typical demand curve slope?
Downward from left to right
What causes an expansion of demand?
What causes an expansion of demand?
A price decrease
What causes a contraction of demand?
What causes a contraction of demand?
A price increase