Demand and Supply (Edexcel A-Level Economics A): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What does demand mean in economics?
What does demand mean in economics?
Quantity willing AND able to buy
What is the law of demand?
What is the law of demand?
Inverse relationship: price up, qty down
What is diminishing marginal utility?
What is diminishing marginal utility?
Extra satisfaction per unit decreases
What causes a movement along the demand curve?
What causes a movement along the demand curve?
Change in the product's price
For a normal good, what happens when consumer incomes rise?
For a normal good, what happens when consumer incomes rise?
Demand increases
What defines an inferior good?
What defines an inferior good?
Demand falls when income rises
If tea price rises, what happens to coffee demand (assuming they are substitutes)?
If tea price rises, what happens to coffee demand (assuming they are substitutes)?
Coffee demand increases
Cars and petrol are complements. If car prices rise, what happens to petrol demand?
Cars and petrol are complements. If car prices rise, what happens to petrol demand?
Petrol demand decreases
What is an extension of demand?
What is an extension of demand?
Price falls, quantity demanded rises
What do economists assume about consumer behaviour?
What do economists assume about consumer behaviour?
Consumers maximize utility