Question

7. What is the difference between a change in quantity demanded and a change in demand?

a.

A change in demand is caused by a change in a good's own price, while a change in quantity demanded is caused by a change in some other variable, such as income, tastes, or expectations.

b.

A change in quantity demanded is a change in the amount people actually buy, while a change in demand is a change in the amount they want to buy.

c.

A change in demand is a change in the amount people actually buy, while a change in quantity demanded is a change in the amount they want to buy.

d.

A change in quantity demanded is caused by a change in a good's own price, while a change in demand is caused by a change in some other variable, such as income, tastes, or expectations.

8. Skateboards International of Regina, Saskatchewan, was able to sell 10 000 skateboards at a price of $60 in 2013. In 2014, it was able to sell 12 000 of the same skateboards at a price of $60. What has Skateboards International evidently experienced?

a.

an increase in quantity supplied

b.

a decrease in demand

c.

an increase in demand

d.

an increase in supply

Answer 1

7. The difference between a change in quantity demanded and a change in demand is that a change in quantity demanded is caused by a change in good's own price , while a change in demand is caused by a change in some other variable such as income, tastes or expectations. Hence,option(D) is correct.

8. In 2013 , 10,000 skateboards sell at a price of $60 .

And in 2014 , 12,000 skateboards sell at a price of $60 . This means there is increase in demand because of other factors and not price. Hence,option(C) is correct i.e an increase in demand.