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Demand Quiz 2 (20 MCQs)

Quiz Instructions

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1. Which among the following is a cause of inflation?
2. This factor has the greatest impact in determining what consumers want to buy
3. A demand schedule is a .....
4. A reduction in the overall population of an area will likely cause a demand curve to shift
5. Demand Curves
6. The desire, ability and willingness to buy a product.
7. When the price of good A rises, people start to drink good B. In this case, what is good B considered?
8. Imagine a market for apples where the demand function is Qd = 50-3P and the supply function is Qs =-20 + 7P. What is the equilibrium price (Pe) of the market.
9. The ..... states that the QD for a good or service varies inversely with its price.
10. The equilibrium price is the price at which
11. If there is an increase in demand, the demand curve will shift to the
12. Which of the following are non-examples of complements?
13. Which of the following pairs of goods are most likely substitutes?
14. The price of tea goes down. How does this affect the demand for coffee? (assume they are substitutes)
15. This is a product that can be used in place of another product:
16. Quantity supplied changes because of
17. If a consumer knows that a product will be going on sale this week, how will his/her CURRENT demand be affected?
18. What would happen to overall demand for the Sony Playstation if the price went down by 10 percent?
19. A change in demand is represented on the demand curve as
20. At the point where supply of a product is the same as demand
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