The demand function is a mathematical representation of the relationship between the quantity demanded (X) of a good and its price (P), assuming other factors remain constant. ![]() | Card: 2 / 45 |
True or False: An increase in the price of a commodity will typically lead to an increase in the quantity demanded. | Card: 5 / 45 |
The factors include prices of other goods (substitutes and complements), consumer income, and consumer's tastes and preferences.
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Riddle: I am a curve that shows how price affects quantity, sloping downwards, I help understand demand. What am I? | Card: 9 / 45 |
Fill in the blank: Demand refers to the quantity that a consumer is both ___ and ___ to buy. | Card: 13 / 45 |
What is the graphical representation of the relationship between price and quantity demanded called? | Card: 15 / 45 |
MCQ: Which of the following factors does NOT directly affect the demand for a good? A) Consumer income B) Price of substitutes C) The weather D) Consumer preferences | Card: 17 / 45 |
A function is a relationship between two variables, x and y, denoted as y=f(x), where each value of x corresponds to a unique value of y. | Card: 20 / 45 |
The demand function is represented as ___ and indicates the relationship between ___ and ___? | Card: 21 / 45 |
X = f(P); it indicates the relationship between quantity demanded X and price P. ![]() | Card: 22 / 45 |
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True or False: An increasing function is characterized by the value of y decreasing as x increases. | Card: 23 / 45 |
False. An increasing function is characterized by the value of y not decreasing as x increases. ![]() | Card: 24 / 45 |
Fill in the blank: A function is decreasing if the value of y does not ___ with an increase in x. | Card: 25 / 45 |
It visually represents the relationship between the independent variable x and the dependent variable y. | Card: 28 / 45 |
Riddle: I can be increasing or decreasing, my values depend on your choice. What am I? | Card: 29 / 45 |
In economics, the independent variable is often plotted on the ___ axis and the dependent variable on the ___ axis. | Card: 31 / 45 |
A function is increasing if the value of y does not decrease with an increase in x; it is decreasing if the value of y does not increase with an increase in x. | Card: 37 / 45 |
The Law of Demand states that when the price of a commodity increases, the quantity demanded ___, assuming other factors remain constant. | Card: 38 / 45 |
Fill in the blanks: A drop in the price of bananas results in an increase in the quantity demanded due to the ___ effect and the ___ effect. | Card: 40 / 45 |
True or False: A linear demand curve can be represented by the formula Q = a - bP, where Q is quantity demanded, P is price, a is the intercept, and -b is the slope. | Card: 42 / 45 |
If the price of bananas is reduced from P1 to P2, what happens to the consumer's budget set? | Card: 44 / 45 |
The budget set expands, allowing the consumer to purchase more bananas and fewer mangoes. | Card: 45 / 45 |

















