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Demand Quiz 6 (25 MCQs)

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1. This factor has the greatest impact on what producers want to make
2. Which of the following is an example of a price floor?
3. Other things equal, if a good has more substitutes, its price elasticity of demand is:
4. What is not an example of a substitute?
5. The economist's objections to monopoly rest on which of the following grounds?
6. The demand curve is always _____
7. When a manufacturer of pain medication reduced the price of the medication by 30%, profits declined by almost exactly 30%. Demand for the product is
8. Land and labor and
9. The basic questions that every society must answer include
10. Real income refers to
11. A decrease in the price of peanut butter, will cause the demand for video games to:
12. The change in total output brought about by adding one more worker
13. Quantity demanded changes little as price changes
14. When the demand schedule is graphed, we create
15. The demand curve is always
16. Why would a store be willing to lose money on a loss-leader item?
17. The ups and down of the economy
18. Which factor generally keeps the price-elasticity of demand for a good low:
19. Which of the following is true about allocative efficiency?
20. In the price system of a market economy, prices are determined by
21. What shows the quantities of products demanded at each price by all consumers in a market
22. The main reason individuals consume goods and services is:
23. What are products that consumers demand less of when their incomes rise?
24. What is a company's total revenue?
25. Which would an economist consider a likely compliment for hamburgers?
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