Elementary Theory of Demand — Practice Quiz
ICSE · Class 10 · Economics
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What is demand in economics?
The law of demand states that:
Milk can be used for making cheese, butter, curd, and tea. This is an example of:
When price of a commodity falls and quantity demanded increases, it is called:
Sample Questions
Which of the following are examples of joint demand?
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Car and petrol, Printer and ink, Mobile and sim card, Bread and butter
Joint demand occurs when two or more goods are demanded together to satisfy a want. Tea and coffee are substitutes, not complementary goods with joint demand.
Which factors affect individual demand?
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Price of the commodity, Consumer's income, Tastes and preferences, Price of related goods
Individual demand is affected by price of the commodity, consumer's income, tastes and preferences, and price of related goods. Population size affects market demand, not individual demand.
Giffen goods are an exception to the law of demand.
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True
Giffen goods are highly inferior goods where demand increases when price increases, violating the normal law of demand. This happens because of strong negative income effect.
Tea and coffee are examples of:
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Substitute goods
Tea and coffee are substitute goods because one can be used in place of the other. When the price of coffee increases, demand for tea increases as consumers substitute tea for coffee.
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