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Demand Quiz 1 (25 MCQs)

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1. As more units of a product are consumed, the satisfaction from each additional unit declines.

2. A graph that illustrates the quantity demanded at all possible prices at a given time.

3. _____ is the extra usefulness gained from using one more unit of a product.

4. A drop in the price of a compact disc shifts the demand curve for prerecorded tapes leftward. From that you know compact discs and prerecorded tapes are

5. How is a shortage created?

6. If bad weather destroys much of the wheat crop, then

7. What goes on the horizontal axis (x axis) of a demand graph?

8. The law of demand argues that as prices rise

9. This is a chart that lists how much of a good a supplier will offer at different prices:

10. When prices go down, quantity demanded increases; when prices go up, quantity demanded goes down.

11. What would happen to the overall demand for tennis balls if the price of tennis rackets went down?

12. What is the main casue of a change in quantity demanded?

13. Our economic system is known as what type

14. When quantity demanded exceeds quantity supplied at a certain cost

15. A period of moderate demand

16. Shift of the Demand curve to the right is called

17. The point at which supply and demand are the same

18. Goods that tend to "go together" are called:

19. Which among the following is a cause of inflation?

20. This factor has the greatest impact in determining what consumers want to buy

21. A demand schedule is a _____

22. A reduction in the overall population of an area will likely cause a demand curve to shift

23. Imagine a market for apples where the demand function is Qd = 50-3P and the supply function is Qs =-20 + 7P. What is the equilibrium price (Pe) of the market.

24. The _____ states that the QD for a good or service varies inversely with its price.

25. The equilibrium price is the price at which

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Demand Quiz 1 (25 MCQs)

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