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Demand Quiz 7 (25 MCQs)

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1. Rings are half price, so Jenna buys two. What affected her decision?
2. The 'law of supply' suggests that
3. If the price on a product goes up the quantity demanded will go down. This follows the Law of
4. Which of the following allows consumers to negotiate prices?
5. If you are willing to pay $ 2, 000 for a laptop with some specific performance level, but end up finding that exact laptop for $ 1, 500 then how much is the consumer surplus you are enjoying.
6. A market does care about your
7. According to the law of supply, the relationship between price and quantity supplied is:
8. Some consumers will continue to buy about the same amount of a product even if the price increases. In economic terms, this represents:
9. Define inelastic demand.
10. How does the demand curve show an increase in demand?
11. When a consumer is able and willing to buy a good or service, he or she creates which of the following?
12. What determines the price and the quantity produced of most goods?
13. Products that can be used in place of each other are called _____
14. Which is NOT an economic goal of a market economy?
15. The capital that is consumed by an economy or a firm in the production process is known as:
16. What is a basic principle of the law of demand
17. An increase in the number of fast-food restaurants
18. Describes demand when a given change in price causes a relatively smaller change in quantity demanded:
19. For what type of good does demand fall with a rise in income levels of households?
20. A given change in price causes a proportional change in quantity demanded.
21. According to the Law of Demand, when prices rise, demand for those products goes in this direction.
22. The term that means a change in a good's price has a very small change or no change in quantity demanded.
23. Occurs when something prompts consumers to buy different amounts at every price
24. Which of the following is NOT a cause for shift in a Demand Curve?
25. Consumers used to love Outback, now they love Longhorn. Demand for Outback would _____ and the demand curve would shift _____
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