Concepts of Demand and Supply – HI MCQ!

______ is a type of good for which demand increases as its price rises?

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What kind of relationship exists between income and demand in case of normal goods?

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For economists, _____ refers to the amount of a product or service that people are both willing and able to buy?

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The demand for a commodity or service which is a consequence of the demand for something else is called ______?

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What is the change in total utility due to consumption of one additional unit of an item called?

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What effect will a decrease in demand and an increase in supply have on equilibrium price?

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As per the law of demand, if all other commodities remain the same, then the relation between the demand and price of a commodity is?

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What would happen to the demand curve when there is an increase in the price of substitute products?

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In economic terms, what do we mean by ‘Intermediate Goods’?

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