Quiz LibraryDemand and Supply Explained- Macro Topic 1.4 (Micro Topic 2.1)
Created from Youtube video: https://www.youtube.com/watch?v=LwLh6ax0zTEvideo
Concepts covered:demand curve, law of demand, substitution effect, income effect, diminishing marginal utility
The video explains the concept of demand, focusing on the law of demand and its three reasons: substitution effect, income effect, and law of diminishing marginal utility. It also covers the factors that shift the demand curve and the difference between a change in quantity demanded and a change in demand.
Table of Contents1.Understanding the Law of Demand in Economics2.Law of Demand and Diminishing Marginal Utility3.Factors Influencing Demand Curve Shifts4.Understanding Demand Shifters in Economics
Understanding the Law of Demand in Economics
Concepts covered:Demand, Law of Demand, Price, Quantity Demanded, Demand Curve
Exploring the concept of demand in economics, focusing on the inverse relationship between price and quantity demanded known as the law of demand. The chapter delves into the reasons behind the downward-sloping demand curve and its implications.
Question 1
What is one reason for a downward sloping demand curve?
Question 2
What does the law of demand state?
Question 3
How does a demand schedule relate to a demand curve?
Law of Demand and Diminishing Marginal Utility
Concepts covered:Law of Demand, Diminishing Marginal Utility, Consumer Behavior, Price Changes, Purchasing Power
Explains how changes in milk prices affect consumer behavior based on the law of demand and diminishing marginal utility. Consumers buy more milk when prices decrease due to increased purchasing power, but buy less when prices increase as satisfaction diminishes with each additional unit consumed.
Question 4
What happens to milk demand when its price decreases?
Question 5
How does a price increase in juice affect milk demand?
Question 6
Why do people buy more milk when it's on sale?
Factors Influencing Demand Curve Shifts
Concepts covered:Demand Curve, Price Changes, Tastes and Preferences, Number of Consumers, Related Goods Prices
Changes in price move along the demand curve, while factors like tastes, preferences, number of consumers, and prices of related goods can shift the entire demand curve. Understanding these determinants is crucial in analyzing market demand.
Question 7
How does a new study affect milk demand?
Question 8
What happens to demand if milk causes baldness?
Question 9
How does a fall in cereal prices affect milk demand?
Understanding Demand Shifters in Economics
Concepts covered:demand shifters, income changes, expectations, quantity demanded, changes in demand
Learn about the factors that influence demand in economics, such as income changes and shifts in expectations. Distinguish between changes in quantity demanded and changes in demand to grasp the dynamics of market demand.
Question 10
What causes a shift in the demand curve?
Question 11
What causes a movement along the demand curve?
Question 12
What happens to demand for normal goods when income increases?

Would you like to create and run this quiz?

Created with Kwizie