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Demand Basics Pt.2 Flashcards | StudBud
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Demand Basics Pt.2
Demand Basics Pt.2
14 terms
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StudBud Administration
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6 plays
An economics quiz to review the basics of demand
Flashcards
14 cards
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Practice quiz
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Questions
14
Answers
1
If there is an increase in demand, it is shown by ......
Moving up the existing curve
Moving down the existing curve
Shifting the curve to the left
Shifting the curve to the right
2
The principle that says that people will buy more at lower prices
the demand effect
the law of demand
the price law
3
Goods used in place of other goods are known as ______, those used with other goods are _______
Supplements, Complements
Complements, Substitutes
Substitutes, Complements
4
A measure of how much a change in price affects Quantity Demanded
Market Demand
Elasticity
Inferior
Demandicity
5
If a product suddenly becomes more popular it will result in ......
an increase in quantity demanded
an increase in demand
a decrease in quantity demanded
a decrease in demand
6
Is the price of the product on the list of things that determines demand?
Yes
No
7
Demand curves slope in this direction
Upward to the Left
Downward to the Left
Downward to the Right
Upward to the Right
8
If people buy more at each price, it is a/an ______________
decrease in Quantity Demanded
increase in Quantity Demanded
decrease in Demand
increase in Demand
9
This diagram shows .....
an increase in quantity demanded
an increase in demand
a decrease in quantity demanded
a decrease in demand
10
If people expect that a product's price will fall in the near future, it will result in ......
a decrease in demand
an increase in demand
an increase in quantity demanded
a decrease in quantity demanded
11
This diagram shows .....
a decrease in demand
an increase in quantity demanded
a decrease in quantity demanded
an increase in demand
12
When we demonstrate demand in the form of a table it is known as a ......
Demand Table
Demand Schedule
Demand Curve
Demand Thing
13
If the price increases, it is shown by
Shifting the curve to the left
Moving left on the existing curve
Shifting the curve to the right
Moving right on the existing curve
14
Which of the following is
NOT
a determinant of demand.
The price of substitute goods
The price of the product
Income
Future Expectations
