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Demand Quiz 3 (25 MCQs)

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1. You would refer to a(n) _____ which shows the quantities demanded at each price by all customers in the market.
2. The income & substitution effects account for
3. When the price of a good increases, the quantity demanded
4. On a curve, an increase in demand causes the demand curve to
5. The Law of Demand is measured from the perspective of who(m)?
6. A decrease in quantity demanded caused by an increase in price is represented by a
7. Elasticity of demand measures how responsive quantity demanded is to a change in
8. Normal goods are those for which demand decreases as
9. When the quantity of a good supplied is more than the quantity demanded at the present price.
10. In economics, demand means
11. Which of the following would NOT cause a demand curve to shift?
12. In a market economy, ultimate power rests with
13. In case of Inferior goods like bajra, a fall in its price tends to:
14. Rise and fall in the amount producers offer for sale because of a change in price
15. Which of the following pairs could be considered complements?
16. Which of the following is not a factor affecting demand?
17. Consumers are willing to buy more at lower prices than higher prices
18. Demand is the desire and the _____ to buy a product or service
19. A complement is a good
20. Which economic concept is defined as the measure of how responsive consumers are to a price change?
21. What are inferior goods?
22. If the price of 'X' rises by 10 per cent and the quantity demanded falls by 10 per cent, 'X' has:
23. When orange juice producers put OJ on sale because they have too much OJ in warehouses, this excess is called:
24. Nationally, Target runs a sale on marshmallows. What happens to the market for graham crackers?
25. The relationship between price and supply-when the price goes up, the supply produced goes up; when the price goes sown, the supply produced goes down
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