In economics, what does the term "demand" refer to?

The urgent request for goods or services.

The willingness and ability to purchase a good or service.

The supply of goods and services in the market.

The cost of production for a specific product.

Which of the following is NOT one of the determinants of demand mentioned in the text?

Distribution of income in the society.

When there is a decrease in the price of a substitute for a particular good, what is the likely effect on the demand for that good?

The demand for the good increases.

The demand for the good decreases.

The demand for the good remains unchanged.

The demand for the good becomes perfectly elastic.

What is the Giffen Paradox mentioned in the text?

The phenomenon where the demand for luxury goods increases as their prices rise.

The situation where consumers buy more of a commodity when its price goes up.

The idea that consumers are influenced by conspicuous consumption.

The preference for inferior goods when incomes rise.

What happens to the demand for necessities of life (e.g., food, clothing) when their prices increase?

The demand for necessities decreases.

The demand for necessities increases.

The demand for necessities remains unchanged.

The demand for necessities becomes perfectly elastic.

What is the impact of effective advertisements on the demand for a product?

Effective advertisements have no impact on demand.

Effective advertisements decrease the demand.

Effective advertisements can increase the demand for a product.

Effective advertisements lead to perfectly elastic demand.

When consumers anticipate that the prices of certain products will rise in the near future, what is the likely effect on the demand for those products in the present?

The demand for those products increases in the present.

The demand for those products decreases in the present.

The demand for those products remains unchanged.

The demand for those products becomes perfectly elastic.

How does the distribution of income in a society affect the demand for different products?

It has no impact on the demand for products.

It leads to an increase in the demand for luxury goods.

It results in an equal distribution of demand for all products.

It causes variations in demand for different products based on income levels.

What happens to the demand for seasonal products like ice-creams and cold drinks during the summer season?

The demand increases during summer.

The demand decreases during summer.

The demand remains the same throughout the year.

The demand becomes perfectly elastic during summer.

According to the law of demand, how does the quantity demanded change with a change in price, assuming other factors remain constant?

It increases as price increases.

It decreases as price decreases.

It decreases as price increases.

It remains unchanged regardless of price changes.

Market Demand Analysis - 1 Free MCQ Practice Test with Solutions

	Business Economics & Finance 71 videos\|80 docs\|23 tests

	Business Economics & Finance 71 videos\|80 docs\|23 tests

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