2.2.2 - Types of Demand
Enroll to start learning
You’ve not yet enrolled in this course. Please enroll for free to listen to audio lessons, classroom podcasts and take practice test.
Practice Questions
Test your understanding with targeted questions
Define individual demand.
💡 Hint: Think about demand from one person's perspective.
Explain the difference between individual demand and market demand.
💡 Hint: Consider how many people are involved in each type.
1 more question available
Interactive Quizzes
Quick quizzes to reinforce your learning
What is individual demand?
💡 Hint: Focus on the word 'individual'.
True or False: Market demand is always higher than individual demand.
💡 Hint: Think about how many consumers are contributing.
Get performance evaluation
Challenge Problems
Push your limits with advanced challenges
Evaluate a situation where a new luxury car is introduced. If individual demand increases significantly due to marketing, how might this impact the market demand?
💡 Hint: Consider the relationship between individual interest and the overall market reaction.
If a recession occurs and consumer income drops, predict how both individual and market demand might shift for normal goods.
💡 Hint: Reflect on the influence of economic conditions on consumer behavior.
Get performance evaluation
Reference links
Supplementary resources to enhance your learning experience.