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Demand Quiz 14 (25 MCQs)

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1. The demand for "necessities" like electricity tend to be:
2. Commodity having inelastic demand is: _____
3. An oil refinery fire could cause the price of gas to _____
4. Lower prices generally
5. If suddenly, a large population increase occurred, what impact would it have on the housing market?
6. How is the current demand for a good related to its future price?
7. Which of the following will cause an increase in demand for snowboards?
8. A _____ is a listing of how much of an item consumers are willing to purchase at each price point.
9. Toys R Us is going out of business and running massive clearance sales to liquidate inventory. What happens to the market for children's books?
10. If demand for a good is elastic and its price decreases, total revenue
11. An example of complementary goods would be:
12. When might it be time to produce less of a product?
13. When prices go down
14. Movement along the same demand curve shows:
15. A change in quantity demanded can be caused by
16. A baseball team limiting the amount charged for buying tickets is called
17. If Coke suddenly became very popular, what would happen to the market for Pepsi? This would cause the _____ curve for Pepsi to shift _____
18. If there is a decrease in the price of cereal, then the _____ for milk will _____ and the curve will shift to the _____
19. The tendency of suppliers to offer more of a good at a higher price:
20. Inferior goods are those that we do not have much demand for if we can afford better alternatives.Which of these is an example of an inferior good?
21. When the selling price of a good goes up, what is the relationship to the quantity supplied?
22. Polo and Chaps, which are Ralph Lauren brands, are examples of
23. When consumers demand more goods and services at every price, equilibrium price will
24. Demand can increase or decrease based on what buyers prefer at that moment based on
25. _____ is a company's income from selling its products.
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