A demand schedule shows

a listing of prices and quantities demanded

The Law of Supply states that

the quantity supplied varies directly with its price

Total expenditures are determined by

multiplying the price of a product by the product

All of the following can change the market supply curve EXCEPT

the numbers of sellers offering the product

The Law of Demand states that

more will be purchased at low prices than at high ones

When producers offer fewer products for sale at each and every price,

the supply curve shifts to the left

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Ch. 4 Demand

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Glencoe Chapter 4 Economics

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Questions 21

Answers

1
The demand curve is always
level
upward sloping
downward sloping
irregular
2
Buying only one instead of two sodas at lunch time describes what concept?
consumerism
diminishing marginal utility
demand
marginal utility
3
Because a modest price increase has little or no effect, the demand for a product is
inelastic
unit elastic
complementary
elastic
4
A demand schedule shows
the fluctuations in demand over a specific period of time
an upward sloping curve
a listing of prices and quantities demanded
fluctuations in demand scheduled to occur the following year
5
The Law of Supply states that
the quantity demanded varies inversely with its price
the quantity supplied varies directly with its price
the quantity supplied varies irregularly with its price
the quantity supplied varies inversely with its price
6
Increase in the price of cameras results in a decrease in the demand for film. These products
complements
unrelated
demand elastic
substitutes
7
The supply of a product normally decreases if
the cost of inputs goes down
more producers enter the market
taxes on the product increase
the price of the product increases
8
Total expenditures are determined by
multiplying the price of a product by the product
dividing the demand for the product by its price
measuring the elasticity of a quantity demanded
dividing the price of the product by demand
9
All of the following can change the market supply curve EXCEPT
the expectation prices are about to increase
a change in demand for the product
the numbers of sellers offering the product
the cost of labor
10
Consumers' willingness to replace a costly item with a less costly item is an example of
the income effect
complements
the substitution effect
demand elasticity
11
The Law of Demand states that
the same amount will be purchased at low & high prices
all people have the ability, desire, and willingness to buy
more will be purchased at low prices than at high ones
less will be purchased at low prices than at high ones
12
For most products and services, increase price results in
demand for more products
demand for more products
increased demand for complements
demand for fewer products
13
All of following are examples of complements EXCEPT
peanut butter and jelly
butter and margarine
cameras and film
flashlights and batteries
14
If the price of a product falls by 30%, and profits decline by 30%. Demand is
complementary
inelastic
elastic
unit elastic
15
When a customer's need for a product is not urgent, demand tends to be
inelastic
unit elastic
complementary
elastic
16
A change in the number of consumers can cause
the demand curve to shift
the market curve to shift
a substitution effect
prices to fall
17
An increase in the price of milk caused a decrease in price of cereal. The 2 products are
demand elastic
substitutes
unrelated
complements
18
When producers offer fewer products for sale at each and every price,
they expect subsidies
the supply curve shifts to the left
the supply curve shifts to the right
the price per unit decreases
19
All of the following would cause a change in demand of a product EXCEPT
an increase in the price of related products
a decrease in consumer income
changing consumer tastes
the substitution effect
20
How does a demand curve respond to an increase in demand?
the curve shifts to the right
there is movement along the curve
there is no change in the curve
the curve shifts to the left
21
Advertising, fashion trends, and new products serve to
minimize the income effect
create consumer needs
create consumer demand
increase income effectiveness

Ch. 4 Demand Flashcards | StudBud