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Demand Quiz 20 (25 MCQs)

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1. The amount that is added to the cost of a product or service to cover operating expenses and to allow for a profit.

2. On a demand curve, a change in quantity demanded is represented by

3. If price of Powerade decreases, what is the affect on the demand for Gatorade?

4. The _____ is the change in the amount that consumers will buy because the purchasing power of their income changes.

5. Total Utility will be greatest when marginal utility equals

6. When cross elasticity of demand is a large positive number, one can conclude that:

7. The horizontal demand curve parallel to x-axis implies that the elasticity of demand is:

8. Which of the following is an example of prestige pricing?

9. A table that lists the quantity of a good that a single person will buy at each price in a market.

10. If a bunch of people move into a community, what will happen to demand for some products in that community?

11. The USA has mostly a _____ economy.

12. Short supply shortage is

13. On the market demand and supply graph, the vertical axis shows

14. A supply curve slopes:

15. The related goods of peanut butter and jelly can be classified as:

16. On the demand and supply graph, the horizontal axis shows

17. As the price of cars decrease, the demand for gasoline:

18. In which of the following market structure is the degree of control over the price of its product by a firm very large?

19. If own-price elasticity of demand equals 0.3 in absolute value, then what percentage change in price will result in a 6% decrease in quantity demanded?

20. What effect to the market demand curve is caused by a change in price?

21. Ceteris paribus, or "all other things held constant, " is an assumption that which of the following has effects on a demand schedule?

22. What are the two functions of price?

23. If no good substitutes are available for a particular product, that product's demand will be

24. If the price of a product increases, and the quantity demanded remains the same, what kind of demand is this?

25. The more of a product that you consume, the less satisfaction the consumer enjoys..

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Demand Quiz 20 (25 MCQs)

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