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Demand Quiz 23 (25 MCQs)

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1. If income increases or the price of a complement falls,

2. When the price of something increases, the quanity demanded _____ ( Law of Demand)

3. If the price of paperback books climbs above $ 10, consumers might decide to buy fewer books and choose instead to buy $ 4 magazines. This is an example of _____

4. A factor causing a contraction in supply could be:

5. Government's attempt to dictate the price of goods and services through ceilings or floors. Will throw the market into a surplus or a shortage.

6. When buyers will purchase exactly as much as sellers are willing to sell, what is the condition that has been reached?

7. Which is NOT a problem of a planned economy?

8. Which is an example of complementary goods?

9. Suppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X is

10. Goods that are typically consumed together are known as

11. The cost of flour increases due to a drought in the Midwest. It now costs more to create baked goods. Why does this change the supply?

12. A complement product to peanut butter is _____

13. Goods that are used together.

14. When a customer's need for a product is not urgent, demand tends to be

15. The number one goal of a business is:

16. A nail salon increases the price it charges for manicures and less clients come. How does this affect demand?

17. A shift in the demand curve means _____

18. A listing of how much of an item an individual is willing to purchase at each price.

19. The desire and ability to produce and sell a product

20. This describes the various amounts of products that someone is willing to buy at various prices.

21. Kylie Jenner tweets, "sooo does anyone else not open Snapchat anymore? Or is it just me _____ ugh this is so sad." What happens to the market for stock in Snapchat?

22. A _____ graphically shows the data from a demand schedule. In other words, its a graph that shows how much of a good or service an individual will buy at each price.

23. High levels of mercury found in canned tuna. Market:canned tuna

24. If the demand function is Qd = 30-2P, what is Qd if P=4?

25. Computer printers and ink cartridges are complements. Therefore, the elasticity of demand for ink cartridges, with respect to the price of printers, is

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Demand Quiz 23 (25 MCQs)

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