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Demand Quiz 19 (25 MCQs)

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1. Suppose that a 2% increase in price results in a 6% decrease in quantity demanded. Own-price elasticity of demand is equal to:
2. The tendency for the price and quantity demanded to move in opposite directions is known as
3. The percentage change in quantity demanded divided by the percentage change in price is a rough measure of a good's:
4. If Mary used to buy 10 units at $ 4 each and now buys 15 units when the price is $ 4, her
5. In case of a straight line demand curve meeting the two axes, the price elasticity of demand at the mid-point of the line would be:
6. ITunes increases the price of all of its digital downloadable music to $ 6 per song. What causes this change?
7. An increase in the price of aspirin is likely to be paired with a(n) _____ in the demand for Tylenol because the two goods are _____
8. When there is a shortage, producers raise prices in an attempt to
9. Income elasticity of demand is defined as the responsiveness of:
10. Coca-Cola announces it will stop producing those iconic glass Coke bottles next month and go all aluminum. What happens to the market for glass bottles of Coke?
11. Which of the following would cause a change in the quantity demanded for a product?
12. Which of the following would cause a change in supply?
13. Producers are willing to sell more of a good or service at a higher price than they are at a lower price
14. Which of the following is characteristic of the expansion phase of the business cycle?
15. There is a sale on Big Mac's at McDonald's. What would happen to overall demand for fries at McDonald's?
16. Costs business owners incur no matter how much they produce
17. Which factor causes the demand curve to shift in the following situation:Bobby graduated from college and got a good job, so he decided to buy a new Lexus.
18. If price of tea decreases, what is the affect on the demand for coffee?
19. Which of the following does NOT shift the supply curve?
20. The term that means a small increase in a good's price causes a large change in quantity demanded.
21. What goes on the horizontal axis of a demand graph?
22. What kind of table lists the quantity of a good that a person will buy at different prices?
23. Occurs when related businesses conspire to charge high prices.
24. When quantity supplied exceeds quantity demanded at a certain price.
25. If there is a decrease in demand, the demand curve will shift to the
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