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Demand Quiz 5 (20 MCQs)

Quiz Instructions

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1. Nationally, Target runs a sale on marshmallows. What happens to the market for graham crackers?
2. The relationship between price and supply-when the price goes up, the supply produced goes up; when the price goes sown, the supply produced goes down
3. If the number of producers in a market increases
4. People buy more of good 1 when the price of good 2 rises. These goods are
5. The amount of a good that consumers are willing and able to buy at a particular price is
6. When a consumer is able and willing to buy a good or service, what does he or she create?
7. An example of a product with inelastic demand would be
8. Normally a demand curve will have the shape:
9. In the next 30 years, the population of Bulgaria is projected to shrink by about 20%. What will happen to the market for laundry detergent in Bulgaria during that time?
10. Occurs when a product that is advertised at a low price is "out of stock, " so the salesperson tries to sell customers a higher-priced alternative.
11. A situation in which the quantity supplied is greater than the quantity demanded is
12. What would NOT cause a change (shift) in the demand curve for Product A?
13. This occurs when consumers replace an alternative less expensive product for one that has become more expensive.
14. If demand is unitary elastic, a 25% increases in price will result in:
15. Term for products that increase the use of other products
16. The only thing that causes movement along a supply or demand curve:
17. If consumers buy less of a good when income goes up, it is a(an)
18. How will an increase in the price of airfares affect the demand for bus transportation.
19. A good that replaces another demanded good
20. According to the law of supply, when prices decrease
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