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 increases with income · Demand decreases with price
2. Which of the following is a non-price factor affecting demand?
Change in consumer preferences · Change in price of the good · Change in the number of suppliers · Change in the price of substitutes
3. What is the shape of the demand curve?
Upward sloping · Downward sloping · Vertical · Horizontal
4. What is 'diminishing marginal utility'?
Utility increases with consumption · Utility decreases with additional consumption · Total utility remains constant · Marginal utility increases with consumption
5. Which of the following describes a Giffen good?
Demand increases as price increases · Demand decreases as price increases · Demand remains unchanged with price changes · Demand is perfectly elastic
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