This quiz works best with JavaScript enabled. Home > Microeconomics > Demand > Demand – Quiz 30 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Demand Quiz 30 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. If the demand for used cars decreases after the price of a new car falls, used cars and new cars are A) Inferior goods. B) Substitute goods. C) Complementary goods. D) Normal goods. Show Answer Correct Answer: B) Substitute goods. 2. Movement between points on a demand curve is caused by a change in ..... A) Supply. B) Price. C) Shifts in demand. D) Consumers. Show Answer Correct Answer: B) Price. 3. Shows the data from the market supple schedule A) Market Demand Curve. B) Demand Curve. C) Global Perspective. D) Market Supply Schedule. Show Answer Correct Answer: D) Market Supply Schedule. 4. Demand includes people who are willing and ..... to buy a product. A) Able. B) Hopeful. C) Elastic. D) None of above. Show Answer Correct Answer: A) Able. 5. Point at which supply and demand curve intersect each other A) Price ceiling. B) Excess demand. C) Equilibrium. D) Disequilibrium. Show Answer Correct Answer: C) Equilibrium. 6. Demand schedules and curves show that the relationship between price and quantity demanded is. A) Equal. B) Direct. C) Indirect. D) None of above. Show Answer Correct Answer: C) Indirect. 7. Which item is NOT a factor that affects elasticity A) Necessity or luxury. B) # of buyers or population. C) % of income. D) Time. Show Answer Correct Answer: B) # of buyers or population. 8. As the price of a product increases, the demand for low-priced substitutes will: A) Increase. B) Decrease. C) Not change at all. D) None of above. Show Answer Correct Answer: A) Increase. 9. Which of the situations best represents equilibrium? A) The price of milk does not change much from week to week. B) Milk production makes good profit for manufacturers. C) Everyone who wants milk can afford it. D) The milk made equals the milk sold. Show Answer Correct Answer: D) The milk made equals the milk sold. 10. When producers supply more, equilibrium price will A) Fall. B) Fluctuate. C) Rise. D) Stay the same. Show Answer Correct Answer: A) Fall. 11. One of the reasons consumers choose substitutes is that A) No one can tell the difference. B) They are relatively cheaper. C) They are made in Japan. D) They are the same price and there are more of them. Show Answer Correct Answer: B) They are relatively cheaper. 12. According to the law of supply, what happens as price increases? A) The quantity supplied increases. B) The quantity supplied decreases. C) The supply curve shifts to the left. D) The supply curve shifts to the right. Show Answer Correct Answer: A) The quantity supplied increases. 13. A change in demand is shown A) Along the demand curve. B) With a new demand curve above or below the original demand curve. C) Without a demand graph. D) With a totally vertical line. Show Answer Correct Answer: B) With a new demand curve above or below the original demand curve. 14. In the short run, when the output of a firm increases, its average fixed cost: A) Remains constant. B) Decreases. C) Increases. D) First decreases and then rises. Show Answer Correct Answer: B) Decreases. 15. The Law of Demand States the following A) If P goes up, QD goes down. B) If P goes up, QD goes up. C) If P goes down, QD goes down. D) Price and QD are not related. Show Answer Correct Answer: A) If P goes up, QD goes down. 16. You express demand for a product when you A) Are willing to purchase it. B) Are able to purchase it. C) None are correct. D) Are willing And able to purchase it. Show Answer Correct Answer: D) Are willing And able to purchase it. 17. The price of Clif Bars increases. What happens to the market for Powerbars? A) Demand increases. B) Demand decreases. C) Supply increases. D) Supply decreases. Show Answer Correct Answer: A) Demand increases. 18. The Heckscher-Ohlin approach to international trade provides important insights, in A) Gains from trade. B) Effect of trade on production and consumption. C) Effect of trade on the incomes of production factors. D) All of the above. Show Answer Correct Answer: D) All of the above. 19. If income increases or the price of a complement falls, A) The supply curve of a normal good shifts leftward. B) The supply curve of a normal good shifts rightward. C) The demand curve for a normal good shifts rightward. D) The demand curve for a normal good shifts leftward. Show Answer Correct Answer: C) The demand curve for a normal good shifts rightward. 20. When the price of something increases, the quanity demanded ..... ( Law of Demand) A) Increases. B) Decreases. C) Held constant. D) Same. Show Answer Correct Answer: B) Decreases. ← 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