Practice - Demand Curve and the Law of Demand
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Practice Questions
Test your understanding with targeted questions
What happens to the quantity demanded when the price of a good decreases?
💡 Hint: Think about how consumers behave when prices fall.
Define the Law of Demand.
💡 Hint: Remember the inverse relationship between price and demand.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What does a downward-sloping demand curve indicate?
💡 Hint: Think about how consumers react to price changes.
True or False: A normal good's demand increases when consumer income rises.
💡 Hint: Recall the definitions of normal and inferior goods.
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Challenge Problems
Push your limits with advanced challenges
Suppose the price of a luxury good drops significantly. How would this impact the demand for both the good and its substitutes?
💡 Hint: Consider the effects of price on consumer choices.
Illustrate a scenario where the demand curve for a good shifts left. What factors may have contributed to this shift?
💡 Hint: Think about economic changes like recessions.
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Reference links
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