2.2.1 - Meaning of Demand
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Practice Questions
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Define demand in your own words.
💡 Hint: Consider the criteria of willingness and ability.
What does the Law of Demand state?
💡 Hint: Think of the relationship between price and demand.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What is demand in economics?
💡 Hint: Focus on the key aspects of consumer behavior.
True or False: If the price of a commodity goes up, the demand for that commodity also goes up.
💡 Hint: Consider the inverse relationship.
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Challenge Problems
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Evaluate how changes in consumer income might affect demand for luxury goods versus necessity goods.
💡 Hint: Compare the differences.
Analyze a scenario where a substitute for a good becomes cheaper, how does it affect the demand for the original good?
💡 Hint: Think about consumer behavior in reaction to price changes.
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