Understanding Demand Functions
Test your knowledge of demand functions, their properties, and applications in economics
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Quiz Questions & Answers
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Question 1: What does a downward-sloping demand curve typically indicate?
Price and quantity demanded have no relationship
Lower prices lead to higher quantity demanded
Higher prices lead to higher quantity demanded
Quantity demanded remains constant regardless of price
Question 2: In a linear demand function P = a - bQ, what does 'b' represent?
The slope of the demand curve
The quantity intercept
The market equilibrium point
The maximum price consumers will pay
Question 3: Which of the following would likely result in a shift of the demand curve?
A change in the price of the good
A movement along the existing curve
A change in quantity demanded
A change in consumer income
Question 4: What happens to the demand function when a good is perfectly inelastic?
The demand curve disappears
The demand curve becomes vertical
The demand curve becomes upward sloping
The demand curve becomes horizontal
Question 5: For a Giffen good, what happens to demand when price increases?
Demand remains constant
Demand decreases
Demand becomes zero
Demand increases
Question 6: What is the inverse demand function used for?
To express price as a function of quantity
To determine market equilibrium
To calculate supply
To calculate elasticity
Question 7: When two goods are complements, what happens to the demand of one when the price of the other increases?
Demand decreases
Demand increases
Demand becomes infinite
Demand stays the same
Question 8: What does a demand function with zero income elasticity indicate?
A luxury good
A normal good
A necessity good
An inferior good