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Demand Quiz 12 (25 MCQs)

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1. Which of these is not a component for demand?
2. Type of economics study to determine how individual economic decisions are made.
3. Pottery Barn runs a sale. What happens to the market for stuff from Crate & Barrel?
4. Buying one ice-cream instead of two at lunch describes what concept
5. For most products and services, increased price results in
6. Iphones become more expensive. What will happen to Iphone covers?
7. A change in quantity demanded is shown
8. Giving a haircut
9. Any price where the demand and supply are not equal is referred to as?
10. Lists how much of a good or service all producers in a market are willing and able to offer for sale at each price.
11. In this type of economy, people and firms act in their own best interests.
12. Which of the following is a substitute good for a PlayStation?
13. A strategy whereby the price of a product is reduced below the store's cost to create more customer traffic.
14. You are shopping at Journey's for a new pair of shoes and the salesperson lets it slip that there will be a sale beginning next week. What will happen to your demand for the shoes?
15. When is the price elasticity of demand for a good likely to be high?
16. Supply is best defined as the measure of how much producers are willing and able to sell
17. If farmers stopped growing potatoes because it was too hard, this would cause the _____ curve for Lays Potato Chips to shift _____
18. Which of the following is a good that might not be bought when prices rise?
19. Babysitters across the country collectively organize to demand higher wages. What happens to the market for movie tickets?
20. How many factors can cause a change in demand? (know one for the test)
21. The demand for necessities such as milk, electricity, and water is usually
22. What happens when consumers react to an increase in a good's price by consuming less of that good and more of other goods?
23. A table that shows the quantity of goods that consumers are willing and able to purchase at various prices.
24. If the price of a product decreases, the quantity demanded will
25. Because a modest price increase has little or no effect, the demand for the product is
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