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Demand Quiz 4 (25 MCQs)

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1. If the number of producers in a market increases

2. People buy more of good 1 when the price of good 2 rises. These goods are

3. The amount of a good that consumers are willing and able to buy at a particular price is

4. When a consumer is able and willing to buy a good or service, what does he or she create?

5. An example of a product with inelastic demand would be

6. Normally a demand curve will have the shape:

7. 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?

8. 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.

9. What would NOT cause a change (shift) in the demand curve for Product A?

10. This occurs when consumers replace an alternative less expensive product for one that has become more expensive.

11. If demand is unitary elastic, a 25% increases in price will result in:

12. Term for products that increase the use of other products

13. The only thing that causes movement along a supply or demand curve:

14. If consumers buy less of a good when income goes up, it is a(an)

15. How will an increase in the price of airfares affect the demand for bus transportation.

16. A good that replaces another demanded good

17. What might serve as an incentive for a business to begin to supply a certain good?

18. The desire, ability, and willingness to buy a product is know as _____

19. An increase in the price of cameras results in a decrease in the demand for film. The two products are

20. If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to:

21. A _____ _____ keeps prices form going any higher and causes a _____

22. An increase in demand can result from:

23. The price of RICE (assume the elasticity is less than 1) has increased by 10%. What is the likely percentage change in quantity demanded?

24. When the price of something increases, the quantity demanded _____ ?

25. An increase in the price of Coca-Cola will cause the demand for Pepsi to:

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Demand Quiz 4 (25 MCQs)

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