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ECS1501 ASSESSMENT 3 SEMESTER 1 2024 Today's demand curve for petrol could shift in response to Which of the following is not a determinant of demand? Two goods are substitutes if a decrease in the price of one good The demand curve for a good is aR50,00
ECS1501 ASSESSMENT 3 SEMESTER 1 2024 Today's demand curve for petrol could shift in response to Which of the following is not a determinant of demand? Two goods are substitutes if a decrease in the price of one good The demand curve for a good is a
ECS1501 ASSESSMENT 3 SEMESTER 1 2024
Today's demand curve for petrol could shift in response to
Which of the following is not a determinant of demand?
Two goods are substitutes if a decrease in the price of one good
The demand curve for a good is a line that relates
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Started on Sunday, 2 June 2024,
2:02 AM
State Finished
Completed on Sunday, 2 June 2024,
2:15 AM
Time taken 12 mins 19 secs
Marks 12.00/12.00
Grade 100.00 out of 100.00
Question 1
Complete
Not graded
I confirm
that this assessment will be my own
individual work;
that I will not communicate with anyone
else in any way during the completion of
this assessment;
that I will not cheat in any way in
completing and submitting this
assessment.
I confirm.
I do not confirm.
Question 2
Complete
Mark 1.00 out of 1.00
The law of demand says that when price
falls, quantity supplied falls also.
falls, quantity supplied rises.
rises, quantity demanded falls.
rises, quantity demanded rises also.
The law of demand says that when the
price rises, the quantity demanded falls.
Which of the following events could shift
the demand curve for petrol to the left?
Income of petrol buyers rises, and
petrol is a normal good.
Income of petrol buyers falls, and
petrol is an inferior good.
Public service announcements are
run on television, encouraging
people to walk or ride bicycles
instead of driving cars.
The price of petrol rises.
A leftward shift of the demand curve
illustrates a decrease in demand. Public
service announcements on television
encouraging people to walk or ride
bicycles instead of driving cars. If people
drive less, they will demand less petrol,
that is, the demand for petrol decreases.
Question 4
Complete
Mark 1.00 out of 1.00
The demand curve for a good is a line
that relates
price and quantity demanded.
quantity demanded and quantity
supplied.
price and income.
income and quantity demanded.
The demand curve for a good is a line
that relates the price and quantity
demanded.
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