SAQs

 

 

 

 

4. Demand is:

 

a)

Wanting a product?

b)

Wanting a product and being able to pay for it?

c)

Wanting a product and being able and willing to pay for it?

 

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5. With reference to the above demand schedule and curve, how much is demanded when the price is:

 

Price (pence)

Quantity

20

 

30

 

10

 

 

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6. The law of demand states that as price rises, quantity demanded will (INCREASE or DECREASE?) and as price falls, quantity demanded will (INCREASE or DECREASE?)

 

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7. Price is always measured on the (HORIZONTAL or VERTICAL?) axis.

 

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