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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is demand?
💡 Hint: Think about what influences your purchasing decisions.
Question 2
Easy
What happens to demand when the price decreases?
💡 Hint: Remember the Law of 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 the Law of Demand state?
- Prices increase demand
- Higher prices generally decrease demand
- Price has no effect on demand
💡 Hint: Think about how you react to price changes in your own purchases.
Question 2
True or False: An increase in supply leads to a higher equilibrium price.
- True
- False
💡 Hint: Consider how supply impacts market prices.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Consider a market for electric vehicles (EVs). The government increases subsidies for EV purchases. How would this effect demand, supply, and equilibrium price?
💡 Hint: Think about how subsidies affect purchasing power.
Question 2
Discuss how a sudden drought affects the supply of a commodity such as wheat. How would this impact its price and quantity in the market?
💡 Hint: Consider the immediate effects of natural disasters on production.
Challenge and get performance evaluation