What does 'demand' refer to in economics?

The amount of money consumers are willing to spend on a product.

The quantity of a product consumers are ready to purchase at a specific price and time.

The total revenue generated by selling a product.

The cost of producing a product.

According to the law of demand, what happens to quantity demanded when price increases?

Quantity demanded remains unchanged.

Quantity demanded fluctuates randomly.

How is market demand determined?

By adding up individual demands at different price levels.

By multiplying individual demands by market prices.

By dividing individual demands by market supply.

By subtracting individual demands from market supply.

What causes a movement along the demand curve?

Changes in factors other than price.

Changes in consumer preferences.

Changes in the price of the product.

How does an increase in advertising affect the demand curve?

It causes a movement along the demand curve.

It shifts the demand curve to the left.

It shifts the demand curve to the right.

It has no effect on the demand curve.

What does effective demand refer to?

Consumer ability to afford a product.

Both desire and ability to purchase a product.

Which factor does NOT cause a shift in the demand curve?

Changes in consumer tastes and preferences.

Changes in the price of the product.

Changes in the prices of related goods.

Demand Free MCQ Practice Test with Solutions

	Economics for GCSE/IGCSE 71 videos\|82 docs\|39 tests

	Economics for GCSE/IGCSE 71 videos\|82 docs\|39 tests

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