Test: Demand - SSC CGL MCQ


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10 Questions MCQ Test SSC CGL Tier 2 - Study Material, Online Tests, Previous Year - Test: Demand

Test: Demand for SSC CGL 2024 is part of SSC CGL Tier 2 - Study Material, Online Tests, Previous Year preparation. The Test: Demand questions and answers have been prepared according to the SSC CGL exam syllabus.The Test: Demand MCQs are made for SSC CGL 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Demand below.
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Test: Demand - Question 1

What are the two perspectives from which demand can be viewed?

Detailed Solution for Test: Demand - Question 1
Demand can be viewed from two perspectives: Willingness to Buy (customer's desire for the product) and Ability to Pay (customer's purchasing power to afford the price of the desired commodity).
Test: Demand - Question 2

What does the Law of Demand state?

Detailed Solution for Test: Demand - Question 2

The Law of Demand states that an increase in the price of a commodity results in a decrease in customer demand for that particular product, and vice versa.

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Test: Demand - Question 3

What is the relationship between the price and demand of a commodity according to the Law of Demand?

Detailed Solution for Test: Demand - Question 3
According to the Law of Demand, there is an inverse relationship between the price and demand of a commodity.
Test: Demand - Question 4
What are the factors influencing demand?
Detailed Solution for Test: Demand - Question 4
Factors influencing demand include the price of the commodity, price of related commodities, income of consumers, and consumers' tastes and preferences.
Test: Demand - Question 5
What does the demand curve indicate?
Detailed Solution for Test: Demand - Question 5
The demand curve indicates an inverse relationship between the quantity and price of the commodity.
Test: Demand - Question 6
How do substitutes influence the demand for a good?
Detailed Solution for Test: Demand - Question 6
When goods are substitutes, an increase in the substitute's price boosts demand for the good, shifting the demand curve right.
Test: Demand - Question 7
How do complements influence the demand for a good?
Detailed Solution for Test: Demand - Question 7
In the case of complements, an increase in the complementary good's price decreases demand for the good, shifting the demand curve left.
Test: Demand - Question 8
What is a normal good concerning changes in income?
Detailed Solution for Test: Demand - Question 8
A normal good is a good for which demand increases as incomes rise and decreases as incomes fall.
Test: Demand - Question 9
What does a change in quantity demanded refer to?
Detailed Solution for Test: Demand - Question 9
A change in quantity demanded refers to a movement along the demand curve, and it is solely driven by a change in the price of the commodity.
Test: Demand - Question 10
How do changes in expectations influence demand curves?
Detailed Solution for Test: Demand - Question 10
Positive expectations, such as anticipating long-term job security, can shift demand curves to the right, indicating increased demand.
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