Demand Quiz 24 (25 MCQs)

Quiz Instructions:

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1. When demand is perfectly inelastic, an increase in price will result in:

2. Who reinvented the way brides buy dresses by focusing on meeting the demand of a new style of dress

3. The amount of money a company receives by selling goods or services

4. The change in consumption that results from increased purchasing power of your income is the

5. Price affects _____

6. If farmers stopped growing potatoes because it was too hard, this would cause the _____ curve for Grippo's to shift _____

7. According to the law of demand

8. When summer comes, people begin purchasing bathing suits in large numbers. What causes this change?

9. When quantity supplied exceeds quantity demanded.

10. Consumers' willingness to replace a costly item with a less costly item is an example of

11. _____ refers to how many people wish to buy that good or service.

12. If demand is inelastic, a change in the price:

13. A change in what factor creates movement along the demand curve?

14. Summer is upon us, and people begin purchasing bathing suits in large numbers. What causes this change?

15. The law of supply is as price goes up supply

16. Measure of how responsive consumers are to price changes

17. A shortage can also be referred to as

18. What are the characteristics of demand?

19. If the price elasticity of demand for a product equals 1, as its price rises the:

20. If many substitutes are available, the demand for that product will probably be:

21. States that people buy a different quantity of a product if that product's price changes, appearing as a movement along the demand curve.

22. The downward slope of a demand curve reflects the fact that, other things constant, price and quantity demanded are

23. Quantity Demanded moves along the curve in response to change in

24. What is Market economy

25. Give an example of a fixed price for a store.