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Demand
Demand
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Demand Quiz #demand
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
The amount of money a company makes from selling it's goods is known as
GDP
total revenue
profit
fianancial gain
2
If total revenue rises after an increase in price, the product is?
Inelastic
A substitute
Elastic
A complementary good
3
Price for product A increases. Demand for product B decrease. The products must be?
Heavily taxed
Substitutes
Disliked
Complements
4
If you keep buying despite a price increase than your demand is
elastic
strong
inelastic
normal
5
This business is attempting to combat what price effect?
Substitutes
Buying Power
Diminishing Marginal Utility
Diminishing Personal Value
6
The price of popcorn rises. The demand for cookies rises. This is explained through the idea of
Diminishing Marginal Utility
Substitutes
Diminishing Personal Value
Buying Power
7
In the month of June, what can one expect to happen to the demand for bicycles?
Stays the same
Shifts to the left
Shifts to the right
8
Goods that are used in place of one another are referred to as these types of goods
substitute
complementary
inelastic
elastic
9
The axis on a demand curve are labeled with the following two terms
price and quantity demanded
demand and profit
price and supply
supply and demand
10
According to the law of demand, as price increases quantity demanded...
Stays the Same
Decreases
Increases
All of the above
11
Total sales - Cost = ?
fianancial gain
GDP
total revenue
profit
12
You have a budget of $100 for "entertainment". Movie tickets price increases; you purchase less
Diminishing Personal Value
Substitutes
Diminishing Marginal Utility
Buying Power
13
An ice storm ruins orange crops in Florida. What happens to the demand for orange juice today?
Shifts to the right
Shifts to the left
Stays the same
14
You are hosting a party. Instead of buying extra soda, you only buy enough for your the party.
Diminishing Personal Value
Diminishing Marginal Utility
Substitutes
Buying Power
15
This is an
inverse
relationship between the
quantity demanded
and the
price
of a product
Law of Supply
Law of Demand
Demand
Quantity Demanded
16
Which of the following is an example of a good with elastic demand?
electricity
water
life saving medication
cheeseburger
17
Which of the following are not complementary goods
beef and pork
iPhone and Charger
snowboard and boots
bbq and charcoal
18
The graphical representation of quantities demanded at each price by consumers
Market Demand Schedule
Demand Curve
Supply Curve
Demand Schedule
19
The price of avocados jumps from $1 to $3. The demand for avocados....
Shifts to the right
Stays the same
Shifts to the left
20
Large amounts of individuals are laid off. What happens to demand for public transportation?
Quantity demand increases
Stays the same
Shifts to the right
Shifts to the left