Price system, Demand – Meaning, Schedules, Curves, Laws - SS1 Economics Past Questions and Answers - page 1
Which of the following is a graphical representation of the relationship between the price of a good or service and the quantity demanded?
Demand schedule
Supply schedule
Demand curve
Supply curve
According to the law of demand, what happens to the quantity demanded when the price of a good or service increases?
It increases
It decreases
It remains the same
It depends on the good or service
What is meant by the term 'demand' in economics?
The desire for a product or service
The ability to pay for a product or service
The willingness to pay for a product or service
The quantity of a product or service that consumers are willing and able to buy at a particular price
According to the law of demand, as the price of a good or service increases:
The demand for the good or service increases
The demand for the good or service decreases
The demand for the good or service remains constant
The demand for the good or service becomes more elastic
Define price system and demand
The price system is a system that determines the distribution of goods and services and demand refers to the quantity of goods and services that consumers are willing and able to buy at a particular price and time period.
State the law of demand
The law of demand states that as the price of a good or service increases, the quantity demanded decreases, and vice versa.