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

Willingness to Sell and Ability to Buy

Willingness to Buy and Ability to Sell

Willingness to Buy and Ability to Pay

Willingness to Consume and Ability to Produce

What does the Law of Demand state?

An increase in the price of a commodity leads to an increase in demand.

A decrease in the price of a commodity leads to a decrease in demand.

An increase in the price of a commodity leads to a decrease in demand, and vice versa.

A decrease in the price of a commodity leads to an decrease in demand, and vice versa.

What are the factors influencing demand?

Price of related commodities, income of consumers, and consumers' tastes and preferences.

Quantity demanded, price of the commodity, and consumers' willingness to buy.

Price of related commodities and consumers' ability to pay.

What does the demand curve indicate?

A direct relationship between quantity and price.

An inverse relationship between quantity and price.

No relationship between quantity and price.

A constant relationship between quantity and price.

How do substitutes influence the demand for a good?

An increase in the price of substitutes boosts demand for the good.

A decrease in the price of substitutes boosts demand for the good.

Substitutes have no impact on demand.

Substitutes always decrease demand.

How do complements influence the demand for a good?

An increase in the price of complements boosts demand for the good.

A decrease in the price of complements boosts demand for the good.

Complements have no impact on demand.

Complements always decrease demand.

What is a normal good concerning changes in income?

Demand increases as income decreases.

Demand increases as income increases.

Demand remains constant regardless of income changes.

Demand decreases as income decreases.

What does a change in quantity demanded refer to?

A movement along the demand curve.

How do changes in expectations influence demand curves?

Expectations have no impact on demand curves.

Positive expectations shift demand curves right.

Negative expectations shift demand curves right.

Positive expectations shift demand curves left.

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