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Demand Quiz 18 (25 MCQs)

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1. _____ are your likes and dislikes as a consumer.
2. A method of measuring elasticity by comparing total revenue
3. All of the costs associated with running a business in addition to the cost of the merchandise.
4. _____ are goods that are used together, so a rise in demand for one increases the demand for the other.
5. What do the different points on a demand curve represent?
6. The lack of resources
7. Product X is in high demand. The price of Product X rises by 15%. The most likely result of theseevents would be an increase in
8. Occurs when an individual, group, or business is charged a higher price than others purchasing the same product or service
9. According to the Law of Demand, when prices fall, the demand for those products go in this direction.
10. Which one is the assumption of law of demand?
11. According to the Law of Demand, when the price of a good is lowered, demand _____
12. Goods that consumers demand more of when their incomes rise
13. The degree to which the quantity demanded responds to changes in price is called
14. Which type of economy is illustrated by these statements?The state sets the price of consumer goods. A factory manager meets production quotas for the month. A central planning agency determines wages for agricultural workers.
15. Lucas fixes his friend's sink. He is providing a _____
16. The market demand curve shows
17. The law of demand assumes ceteris paribus which means _____
18. Which of the following is generally true after a shift in supply or demand?
19. Elasticity, in economic terms, is another word for
20. Which of the following terms describes the primary objective of any business?
21. If the price elasticity of a demand is greater than one it means it is
22. If the number of people living in Immokalee decreases in 2021, demand for products will _____ and the demand curve will shift to the _____
23. Consumers demand based on what they think will happen in the future.
24. A change in one of the determinants of demand will cause _____
25. Economists use a supply curve to
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