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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What happens to the quantity demanded when the price of a good decreases?
💡 Hint: Think about how consumers behave when prices fall.
Question 2
Easy
Define the Law of Demand.
💡 Hint: Remember the inverse relationship between price and demand.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does a downward-sloping demand curve indicate?
- Price increases
- quantity demanded increases
- Price decreases
- quantity demanded decreases
- Price decreases
- quantity demanded increases
💡 Hint: Think about how consumers react to price changes.
Question 2
True or False: A normal good's demand increases when consumer income rises.
- True
- False
💡 Hint: Recall the definitions of normal and inferior goods.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
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.
Question 2
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.
Challenge and get performance evaluation