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Demand Quiz 26 (24 MCQs)

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1. Command economy is
2. What determines how a change in price will affect total revenue for a company?
3. The government passes a personal-income tax cut (i.e., the tax cut is for individuals, not businesses). What happens to the market for shoes?
4. Technology used to make cars improves. This will cause..
5. The additional expense of producing one more unit of a product is called
6. Products that compete with one another are called:
7. When the percentage change in quantity demanded is more than the percentage change in price, the elasticity of demand is _____
8. The price elasticity of demand is 5.0 if a 10 percent increase in the price results in a _____ decrease in the quantity demanded.
9. According the the law of demand, when price increases, the quantity demanded decreases. This shows that there is a(n) _____ relationship.
10. When you become "richer" or "poorer" with a change in the prices of products.
11. Suppliers often reduce prices in an because they
12. All of the following must exist for there to be demand EXCEPT
13. What is the pricing strategy called that has price tags end in .95 or .99?
14. Advertising, fashion trends, and new product introductions serve to
15. Which of the following illustrates the concept of diminishing marginal utility?
16. Rumors fly that your favorite music artist may retire at the end of the year. What happens to the market for concert tickets for this artist?
17. The change in consumption resulting from a change in real income
18. Mixed economy is
19. The satisfaction you derive from an additional unit of a product is called your
20. All of the following are true for goods with ELASTIC demand, EXCEPT _____
21. If a bunch of people lose their jobs in an area, what will happen to demand for some products?
22. A recent scandal in which 1 million fake Chanel handbags have been discovered. There is an increase in Louis Vuitton handbags because of a change in:
23. If Consumer incomes increase, it will cause the demand curve for sirloin steak to shift in which direction?
24. Which of the following would cause an increase in demand for microwave ovens?
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