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Demand Quiz 11 (25 MCQs)

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1. The law of demand states there is a _____ relationship between the price and the quantity bought
2. How responsive consumers are to price changes in the marketplace.
3. As you eat Halloween candy, over time each additional piece of candy is less satisfying, this is because of
4. When the percentage change in price and quantity demanded are the same.
5. The way that a change in price determines whether or not consumers buy goods
6. The cost of one thing in terms of the alternative given up is called:
7. If the demand curve shifts to the left, it means
8. _____ is an increase or decrease in the amount demanded because of change in price.
9. Which of the following resources would economists classify as "capital" ?
10. What will happen in the car market if consumers expect higher prices in the near future?
11. This occurs when you feel like you have less money when the price of a good rises.
12. The amount of goods available:
13. A state of disequilibrium happens when an imbalance exists between
14. The law of demand states that, other things remaining the same, the higher the price of a good, the
15. An example of substitute goods would be:
16. When the price of a good or service is high consumer demand will usually be
17. What is an Engels curve?
18. Each new worker adds more to the total output than the last
19. Google announces that they are one year out from producing self-driving cars. What happens to the market for regular cars today?
20. For no apparent reason, consumers want Beanie Babies!! What happens to the overall demand for Beanie Babies.
21. _____ affect the quantity demanded at a given time.
22. A demand that is very sensitive to change in price
23. If the price of Kellogg's Corn Flakes goes up from $ 1.89 to $ 2.05 and quantity demanded changes from 250 to 210, then the price elasticity of demand would be:
24. Products that are not necessities for which there are many substitute products are said to have this kind of demand.
25. When a consumer chooses a lower-priced similar product for a more expensive product.
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