This quiz works best with JavaScript enabled. Home > Microeconomics > Demand > Demand – Quiz 19 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Demand Quiz 19 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. How is the current demand for a good related to its future price? A) If the price is expected to drop, the current demand will fall. B) Demand will comes not fall. C) Neither. D) None of above. Show Answer Correct Answer: A) If the price is expected to drop, the current demand will fall. 2. Which of the following will cause an increase in demand for snowboards? A) More costly production methods. B) A decrease in the price of lift tickets at resorts in Colorado. C) A decrease in consumer income. D) A decrease in the population. Show Answer Correct Answer: B) A decrease in the price of lift tickets at resorts in Colorado. 3. A ..... is a listing of how much of an item consumers are willing to purchase at each price point. A) Demand Schedule. B) Market Supply Schedule. C) Demand Curve. D) Supply/Demand Curve. Show Answer Correct Answer: A) Demand Schedule. 4. Toys R Us is going out of business and running massive clearance sales to liquidate inventory. What happens to the market for children's books? A) Demand increases. B) Demand decreases. C) Supply increases. D) Supply decreases. Show Answer Correct Answer: B) Demand decreases. 5. If demand for a good is elastic and its price decreases, total revenue A) Goes up. B) Goes down. C) Remains the same. D) Cannot be predicted. Show Answer Correct Answer: A) Goes up. 6. An example of complementary goods would be: A) Butter and margarine. B) Hondas & Toyotas. C) Dress shirts and neckties. D) None of above. Show Answer Correct Answer: C) Dress shirts and neckties. 7. When might it be time to produce less of a product? A) When the cost of materials is cheaper. B) When you can hire more skilled workers. C) When a new company just like yours opens. D) When consumers are only willing to pay a low price for your product. Show Answer Correct Answer: D) When consumers are only willing to pay a low price for your product. 8. When prices go down A) Demand goes up. B) Demand goes down. C) Demand stays the same. D) Surpluses. Show Answer Correct Answer: A) Demand goes up. 9. Movement along the same demand curve shows: A) Expansion of demand. B) Expansion of supply. C) Expansion and contraction of demand. D) Increase and decrease of demand. Show Answer Correct Answer: C) Expansion and contraction of demand. 10. A change in quantity demanded can be caused by A) Income. B) Preferences. C) Price. D) Price of a substitute. Show Answer Correct Answer: C) Price. 11. A baseball team limiting the amount charged for buying tickets is called A) Setting an equilibrium point. B) Setting a minimum price. C) Setting a price ceiling. D) Setting a price floor. Show Answer Correct Answer: C) Setting a price ceiling. 12. If Coke suddenly became very popular, what would happen to the market for Pepsi? This would cause the ..... curve for Pepsi to shift ..... A) Demand right. B) Demand left. C) Supply right. D) Supply left. Show Answer Correct Answer: B) Demand left. 13. If there is a decrease in the price of cereal, then the ..... for milk will ..... and the curve will shift to the ..... A) Quantity demanded, decrease, left. B) Demand, increase, right. C) Demand, decrease, left. D) Quantity demanded, increase, right. Show Answer Correct Answer: B) Demand, increase, right. 14. The tendency of suppliers to offer more of a good at a higher price: A) Law of Supply. B) Law of Demand. C) Law of Economics. D) Law of Net Income. Show Answer Correct Answer: A) Law of Supply. 15. Inferior goods are those that we do not have much demand for if we can afford better alternatives.Which of these is an example of an inferior good? A) Bike. B) Uber. C) Taxi. D) Public Bus. Show Answer Correct Answer: D) Public Bus. 16. When the selling price of a good goes up, what is the relationship to the quantity supplied? A) It becomes more practical to produce more goods. B) Produce less goods. C) Demand. D) None of above. Show Answer Correct Answer: A) It becomes more practical to produce more goods. 17. Polo and Chaps, which are Ralph Lauren brands, are examples of A) Promoting pricing. B) Prestige pricing. C) Price lines. D) Psychological pricing. Show Answer Correct Answer: C) Price lines. 18. When consumers demand more goods and services at every price, equilibrium price will A) Fall. B) Fluctuate. C) Rise. D) Stay the same. Show Answer Correct Answer: C) Rise. 19. Demand can increase or decrease based on what buyers prefer at that moment based on A) Price equilibrium. B) Consumer tastes. C) A shift to the left. D) A shift to the right. Show Answer Correct Answer: B) Consumer tastes. 20. The quantity of a good or service that producers are able and willing to offer for sale at a specified price in a given period of time is A) Supply. B) Quantity sold. C) Demand. D) Quantity demanded. Show Answer Correct Answer: A) Supply. ← PreviousNext →Related QuizzesMicroeconomics QuizzesDemand Quiz 1Demand Quiz 2Demand Quiz 3Demand Quiz 4Demand Quiz 5Demand Quiz 6Demand Quiz 7Demand Quiz 8Demand Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books