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Demand Quiz 2 (25 MCQs)

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1. If there is an increase in demand, the demand curve will shift to the

2. Which of the following are non-examples of complements?

3. Which of the following pairs of goods are most likely substitutes?

4. The price of tea goes down. How does this affect the demand for coffee? (assume they are substitutes)

5. This is a product that can be used in place of another product:

6. Quantity supplied changes because of

7. If a consumer knows that a product will be going on sale this week, how will his/her CURRENT demand be affected?

8. What would happen to overall demand for the Sony Playstation if the price went down by 10 percent?

9. A change in demand is represented on the demand curve as

10. At the point where supply of a product is the same as demand

11. The discovery of a major new offshore oil deposit would result in

12. Prices for common fruits tend to be elastic. Why?

13. Auto workers agree to wage cuts.

14. The demand for a good is _____ when a small change in price causes a large change in the quantity demanded.

15. Assume that consumer's income and the number of sellers in the market for good X both falls. Based on this information, we can conclude with certainty that the equilibrium:

16. When you are hungry, you receive the most satisfaction from the first apple and less satisfaction from each additional apple. What explains this?

17. Megan Markle is seen wearing a beautiful new H and M dress. What would happen to overall demand for H and M clothing?

18. The Black Plague strikes the citizens of Clarkville. What happens to the market for applesauce in Clarkville?

19. If Lebron James says that Reese's Cups are really bad for you, what will happen to demand for Resse's cups?

20. In the Market for TV's, a new technology is used to increase the production of TVs. What happens?

21. Which of the following would happen to the demand for a product if its price goes up?

22. The Picture that is created from the information in a demand schedule.

23. Would there be a shortage or surplus of housing if the government puts a ceiling on the cost of low income housing?

24. The demand curve for a normal good shifts leftward if income _____ or the expected future price _____

25. A contraction in the supply of beef is most likely to be caused by

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Demand Quiz 2 (25 MCQs)

Quiz Instructions:

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