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Demand Quiz 17 (25 MCQs)

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1. The amount of satisfaction an individual receives from consuming a product.
2. Utility is being
3. A graphic representation of the quantities of a good that will be bought at each price
4. If quantity demanded is completely unresponsive to changes in price, demand is:
5. A shift of the demand curve represents
6. Coke raises their prices. What will happen to Pepsi?
7. Costs that vary as the level of production out changes
8. The money we pay to buy a good or service
9. What would happen to quantity demanded for Macaroni and Cheese if the price were to go up $ 1 per box?
10. How will the demand curve for iPhone accessories change if the demand for iPhones increases?
11. PART ONE:If a disease were to damage the plants that produce cocoa in Ghana what would happen to the world supply of cocoa?
12. The demand curve slopes _____ because of prices and diminishing marginal utility, common sense, and because of the substitution and income effect.
13. Printers and ink cartridges are typically purchased together. Economists would call these
14. The extent to which a change in price causes a change in the quantity demanded.
15. If buyers expect the price for products to decrease in one week, the demand for the products will _____ and the demand curve will shift to the _____
16. A graph that shows how much of a good or service an individual producer is willing and able to offer for sale at each price
17. Which of the following could be a substitute for a soft drink?
18. The point at which supply and demand are equal for a product is known as
19. Advertising a product for a great price and then not having it available for consumers to purchase is part of which practice?
20. Which of the following is NOT a shifter for Demand?
21. _____ indicates how much of a product consumers are both willing and able to buy at each price during a given period, other things constant.
22. A new KFC opens down the road. What would happen to overall demand for McDonald's?
23. A shift to the left of a demand curve could be due to a
24. This is the economic system where the government controls everything.
25. If Michael Jordan did advertisements for Steak and Shake, this would cause the _____ curve for Steak and Shake to shift _____
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