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Demand Quiz 8 (25 MCQs)

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1. What happens to the market for plane tickets if there is a sudden economic downturn, causing many people to lose their jobs? Assume the airline industry itself is not affected.
2. How will scarcity of a good impact price?
3. The Law of Demand states that the quanity demanded increases as the price _____
4. Demand can most likely be changed by
5. An economic system in which decisions on production and consumption are made by individuals acting as buyers or sellers:
6. The demand curve is plotted by using a product's _____
7. For a(n) _____, a consumer's demand will increase as his or her income increases.
8. The situation that exists when quantity demanded changes greatly in response to a change in price.
9. The elasticity of demand of durable goods is:
10. Higher prices generally
11. A listing of how much of an item all consumers are willing to purchase at each price.
12. What is the basic principle of the law of demand?
13. The inverse relationship between price and demand-when the price goes up, demand goes down; when price goes down demand goes up.
14. The supply curve of one of Pablo Picasso's (1881-1973) paintings would be shown as
15. If there is a shortage, what will price do?
16. The phrase means that quantity demanded varies inversely with price.
17. Which is an example of the substitution effect?
18. When prices rise, which of the following happens to income
19. Graphically, a change in the quantity demanded is represented by?
20. If the price for peanut butter would go up, the demand for jelly would _____
21. _____ describes the decreasing satisfaction a consumer receives with the purchase of each additional unit
22. If the demand for digital cameras increases when consumers' incomes rise, then digital cameras are
23. If a demand curve is VERTICAL, then own-price elasticity of demand for this good is equal to:
24. Which of the following will cause an increase in quantity demanded for Playstation 4's?
25. Which are two types of GOODS?
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