Demand Quiz 16 (25 MCQs)

Quiz Instructions:

Select an option to see the correct answer instantly.

1. Where do you find price equilibrium?

2. In a competitive market, equilibrium price will fall when

3. Equilibrium in a market means which of the following?

4. The additional cost of producing one more unit of their product

5. Which of the following is NOT a demand shifter?

6. On a demand curve, movement along the curve, as opposed to a shift in the entire curve, is a result of _____

7. Which of the following is NOT an example of complement goods?

8. Which best represents the "law of demand" ?

9. The law of demand is as price goes up supply

10. If elasticity of demand is very low it shows that the commodity is:

11. In the equation for elasticity of supply, when the numerator is larger than the denominator, we know that

12. What is the relationship between income and demand?

13. Which item would provide you with the least marginal utility?

14. A table that shows how much of a good or service an individual producer is willing and able to offer for sale at each price in a market

15. _____ occurs when something prompts consumers to buy different amounts at every price.

16. A government payment made to a business is a

17. As money income increases, what happens to the demand for inferior goods?

18. Buying only one instead of two sodas at lunch time describes what concept?

19. _____ are goods and services that can be used in place of each other.

20. The downside of the business cycle, when the economy slows down and unemployment goes up, is called

21. Two goods that are bought and used together are called _____

22. If there is movement on a demand curve, we call the resulting change in quantity consumers buy

23. Goods that people can easily do without have:

24. Suppose a product's elasticity of demand is 1.7. How responsive is the quantity demanded to a change in price?

25. When CDs became popular, people stopped listening to tape cassettes. This caused the _____ curve for tape cassettes to shift _____