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how excess demand or supply signals the need for price adjustment in a market economy.
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Practice IB Economics Topic 2.1 Demand with authentic exam-style questions for both SL and HL students. This question bank focuses on the exact syllabus content for 2.1 Demand and mirrors Paper 1, 2, 3 style where relevant.
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how excess demand or supply signals the need for price adjustment in a market economy.
(a) With the aid of a demand curve diagram, the law of demand.
(b) Using real-world examples, the usefulness of the law of demand for explaining consumer behaviour.
(a) the difference between a movement along the demand curve and a shift of the demand curve.
(b) Using real-world examples, the consequences for producers when there is a significant increase in the demand for their product.
(a) the relationship between an individual consumer’s demand and market demand.
(b) Using real-world examples, the view that the assumptions behind rational consumer choice have very few limitations.
(a) , using a diagram, how a demand curve is derived from the law of demand.
(b) Using real-world examples, the importance of demand-side factors in determining the market price of a good.
