Question 1

What is the difference between a change in quantity demanded and a change in demand?

Accepted Answer

A)  A change in demand is caused by a change in a good's own price, while a change in quantity demanded is caused by a change in some other variable, such as income, tastes, or expectations. 
B)  A change in quantity demanded is a change in the amount people actually buy, while a change in demand is a change in the amount they want to buy. 
C)  A change in demand is a change in the amount people actually buy, while a change in quantity demanded is a change in the amount they want to buy. 
D)  A change in quantity demanded is caused by a change in a good's own price, while a change in demand is caused by a change in some other variable, such as income, tastes, or expectations. 
A)  A change in demand is caused by a change in a good's own price, while a change in quantity demanded is caused by a change in some other variable, such as income, tastes, or expectations. 
B)  A change in quantity demanded is a change in the amount people actually buy, while a change in demand is a change in the amount they want to buy. 
C)  A change in demand is a change in the amount people actually buy, while a change in quantity demanded is a change in the amount they want to buy. 
D)  A change in quantity demanded is caused by a change in a good's own price, while a change in demand is caused by a change in some other variable, such as income, tastes, or expectations.

Question 2

What is the result of an increase in a product's price?

Accepted Answer

A)  Product supply does not change, but quantity supplied increases. 
B)  Product supply does not change, but quantity supplied decreases. 
C)  Product supply decreases. 
D)  Product supply increases. 
A)  Product supply does not change, but quantity supplied increases. 
B)  Product supply does not change, but quantity supplied decreases. 
C)  Product supply decreases. 
D)  Product supply increases.

What is the difference between a change in quantity demanded and a change in demand?

What is the result of an increase in a product's price?

The Role and Method of Economics

Scarcity, Trade-Offs, and Production Possibilities

Bringing Supply and Demand Together

Elasticity

Market Efficiency and Market Failure

Production and Costs

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

Labour Markets and the Distribution of Income

The Environment

Filters

Exam 3: Supply and Demand

What is the difference between a change in quantity demanded and a change in demand?

What is the result of an increase in a product's price?

The Role and Method of Economics

Scarcity, Trade-Offs, and Production Possibilities

Bringing Supply and Demand Together

Elasticity

Market Efficiency and Market Failure

Production and Costs

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

Labour Markets and the Distribution of Income

The Environment

Filters