3 - Demand
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Practice Questions
Test your understanding with targeted questions
Define demand in your own words.
💡 Hint: Think about what affects consumers' decisions to buy.
What does the Law of Demand state?
💡 Hint: Remember the inverse relationship.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What happens to demand when prices rise?
💡 Hint: Think about buying fewer items when they cost more.
True or False: Demand only changes with price adjustments.
💡 Hint: Consider other influences like preferences and income.
2 more questions available
Challenge Problems
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A new trendy fashion item rises in price, leading to a decrease in demand. Using economic concepts, explain how factors like consumer preferences and substitutes apply.
💡 Hint: Think about consumer psychology and choices.
Discuss the economic implications if everyone's income suddenly doubled for normal and inferior goods.
💡 Hint: Consider how lifestyle and spending change with income shifts.
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