Price Determination in a Competitive Market (AQA A-Level Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is effective demand?
What is effective demand?
Desire for a good backed by ability to pay
What does the law of demand state?
What does the law of demand state?
As price falls, quantity demanded increases
What does 'ceteris paribus' mean when drawing a demand curve?
What does 'ceteris paribus' mean when drawing a demand curve?
Other things being equal
If 10 consumers each want 2 chocolate bars at £1, what is market demand at that price?
If 10 consumers each want 2 chocolate bars at £1, what is market demand at that price?
20 chocolate bars
What causes a movement along a demand curve?
What causes a movement along a demand curve?
A change in the good's own price
If tea price rises, what happens to coffee demand (tea and coffee are substitutes)?
If tea price rises, what happens to coffee demand (tea and coffee are substitutes)?
Demand curve shifts rightward
If car prices fall, what happens to petrol demand (cars and petrol are complements)?
If car prices fall, what happens to petrol demand (cars and petrol are complements)?
Demand curve shifts rightward
What happens to demand for a normal good when consumer income rises?
What happens to demand for a normal good when consumer income rises?
Demand increases
What happens to demand for an inferior good when consumer income rises?
What happens to demand for an inferior good when consumer income rises?
Demand decreases
Which is NOT a condition of demand (factor causing shifts)?
Which is NOT a condition of demand (factor causing shifts)?
The good's own price