Demand Quiz 13 (25 MCQs)

Quiz Instructions:

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1. An automobile company based out of China starts selling its cars in the United States. Why would the supply change?

2. An increase or decrease in the amount demanded because of the change in price

3. Lists quantities of goods consumers are willing and able to buy at various prices; as price goes up, demand goes down.

4. The sum of fixed and variable costs

5. An increase in the price of almond milk is likely to be paired with a(n) _____ in the demand for milk because the two goods are _____

6. Which of the following statements is true regarding markup?

7. Which of the following goods would be likely to be bought in the same quantity even if it doubled in price?

8. Disco platform shoes are no longer "cool" to wear. How does this affect the demand of platform shoes??

9. What direction does supply/demand have to shift in order to affect an item's market price?

10. What assumption is used when making demand curves?

11. What is the willingness to buy a good or service and the ability to pay for it?

12. Consumer equilibrium occurs when _____

13. Cost push inflation occurs because of:

14. Market equilibrium exists when

15. Which one of the following alternatives is an example of a market?

16. Define law of supply

17. A change in quantity demanded is represented by _____

18. How would a decline in the birthrate affect the demand for baby clothes?

19. Which of the following is an example of substitutes?

20. Extra usefulness, or additional satisfaction a person gets from acquiring or using one more unit of a product.

21. Cardi B is trending. What happens to her music?

22. The supply curve slopes _____

23. What factor has the greatest influence on elasticity and inelasticity of supply?

24. Higher per-unit production costs would cause producers to

25. The price of hot-dogs increase by 22% and the quantity demanded falls by 25% this indicates that demand for hot dogs is: