Consumer Behaviour and Demand Quiz
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1. What does the law of demand state?
Price and demand are directly related · Price and demand are inversely related · Demand remains constant regardless of price · Demand increases with income
2. Which of the following is a basic assumption of the law of demand?
Consumers are irrational · Income remains constant · Prices are volatile · All goods are inferior
3. What is the term for the additional satisfaction gained from consuming one more unit of a good?
Total utility · Marginal utility · Average utility · Consumer surplus
4. If a consumer's income increases, what typically happens to the demand for normal goods?
Decreases · Increases · Remains unchanged · Becomes elastic
5. What effect does a decrease in the price of a substitute good have on the demand for a product?
Demand increases · Demand decreases · Demand remains unchanged · Demand becomes perfectly inelastic
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