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Demand Quiz 3 (30 MCQs)

Quiz Instructions

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1. The Law of Demand is measured from the perspective of who(m)?
2. A decrease in quantity demanded caused by an increase in price is represented by a
3. Elasticity of demand measures how responsive quantity demanded is to a change in
4. Normal goods are those for which demand decreases as
5. When the quantity of a good supplied is more than the quantity demanded at the present price.
6. In economics, demand means
7. Which of the following would NOT cause a demand curve to shift?
8. In a market economy, ultimate power rests with
9. In case of Inferior goods like bajra, a fall in its price tends to:
10. Rise and fall in the amount producers offer for sale because of a change in price
11. Which of the following pairs could be considered complements?
12. Which of the following is not a factor affecting demand?
13. Consumers are willing to buy more at lower prices than higher prices
14. Demand is the desire and the ..... to buy a product or service
15. A complement is a good
16. Which economic concept is defined as the measure of how responsive consumers are to a price change?
17. What are inferior goods?
18. If the price of 'X' rises by 10 per cent and the quantity demanded falls by 10 per cent, 'X' has:
19. When orange juice producers put OJ on sale because they have too much OJ in warehouses, this excess is called:
20. Nationally, Target runs a sale on marshmallows. What happens to the market for graham crackers?
21. 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
22. If the number of producers in a market increases
23. People buy more of good 1 when the price of good 2 rises. These goods are
24. The amount of a good that consumers are willing and able to buy at a particular price is
25. When a consumer is able and willing to buy a good or service, what does he or she create?
26. An example of a product with inelastic demand would be
27. Normally a demand curve will have the shape:
28. In the next 30 years, the population of Bulgaria is projected to shrink by about 20%. What will happen to the market for laundry detergent in Bulgaria during that time?
29. Occurs when a product that is advertised at a low price is "out of stock, " so the salesperson tries to sell customers a higher-priced alternative.
30. A situation in which the quantity supplied is greater than the quantity demanded is
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