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Demand Review Flashcards | StudBud

Explore/Demand Review

Demand Review

11 terms·StudBud Administration·190 plays

An #economics quiz. #supply&demand

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Questions 11

Answers

1
What does this picture show?
a graph
A demand curve
A demand schedule
supply and demand
2
What does the Law of Demand say?
As price goes down, quantity demanded goes down
As price goes up, quantity demanded goes up
As price goes up, quantity demanded goes down
As quantity demanded goes up, price goes up
3
What is likely to happen, if the price of coffee goes up?
Demand for tea will decrease
Demand for coffee will increase
Demand for coffee will stay the same
Demand for tea will increase
4
What is market demand?
The end of customer demand
The sum of all customers in a market
A single customer's demand
The difference between customer's tastes and preferences
5
Which of these does NOT change demand?
Change in Price
Change in Number of Consumers
Change in Income
Change in Consumer Expectations
6
What is the difference between "quantity demanded" and "demand"?
A point vs. a line
A specific price vs. all prices
One is at a higher price
One is at a lower price
7
What determines quantity demanded?
Quantity
Price
Supply
Equilibrium
8
What is likely to happen, if the price of ice cream goes down?
Demand for ice cream cones will go up
Demand for napkins will decrease
Demand for ice cream will go down
Demand for ice cream will stay the same
9
How is demand represented on a graph?
A single point
An upward sloping line
A downward sloping line
A parabola
10
Which idea says people will not buy everything they want?
The substitution effect
The income effect
The comparative effect
The law of diminishing marginal utility
11
Which idea explains why I am unlikely to buy more than 1 car?
The Law of Diminishing Marginal Utility
The Substitution Effect
The Income Effect
The Law of Unintended Consequences