Demand and Its Determinants

Economics ⇒ Markets and Price Determination

Demand and Its Determinants starts at 11 and continues till grade 12. QuestionsToday has an evolving set of questions to continuously challenge students so that their knowledge grows in Demand and Its Determinants. How you perform is determined by your score and the time you take. When you play a quiz, your answers are evaluated in concept instead of actual words and definitions used.

See sample questions for grade 12

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.

Explain the difference between individual demand and market demand.

Explain the effect of advertisement on demand.

Explain the effect of consumer expectations about future prices on current demand.

Explain the term 'market demand schedule'.

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 a substitute good increases, what happens to the demand for the given good?

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?

State any two factors, other than price, that affect demand.

State the law of demand.

Suppose the demand for a good increases when the income of the consumer falls. What type of good is this?

Suppose the price of apples falls from Rs. 100 per kg to Rs. 80 per kg and the quantity demanded increases from 20 kg to 30 kg. Calculate the change in quantity demanded.

What is meant by 'ceteris paribus' in the context of the law of demand?

What is meant by 'complementary goods'? Give one example.

What is the difference between a movement along the demand curve and a shift in the demand curve?

What is the effect of an increase in population on the market demand for a commodity?