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- 1. Multiple ChoiceJennifer Lopez is seen wearing a new short and sleek dress. People now want this dress. Which demand determinant is this most likely to fall under?Change in Consumer IncomeChange in Consumer TastesChange in Price of Substitute GoodChange in Consumer Price Expectations
- 2. Multiple ChoiceOreo cookies are now extremely expensive to purchase. Instead of buying Oreo cookies, I now want to buy Chips Ahoy. What determinant of demand does this likely fall under?Change in Price of Complementary GoodChange in Price of Substitute GoodChange in Consumer Price ExpectationsChange in Number of Consumers in the Market
- 3. Multiple ChoiceThe government is giving every individual 18 and above an extra $1,000.00 this year. What determinant of demand does this likely fall under?Change in Consumer TastesChange in Consumer Price ExpectationsChange in Number of Consumers in the MarketChange in Consumer Income
- 4. Multiple ChoiceI know that the iPhone 8 is coming out next year but really need a phone badly. I'm thinking about buying an iPhone 7 when the new iPhone comes to the market because it will be much cheaper than today's price. What determinant of demand does this suggest?Change in Price of Complementary GoodChange in Consumer Price ExpectationsChange in Number of Consumers in the MarketChange in Consumer Income
- 5. Multiple ChoiceMcDonald's is having a special on their Big Mac purchases this week. Every Big Mac is $3 cheaper! When burger prices go down, this means you can buy more fries and a drink. What demand factor does this relate to?Change in Consumer TastesChange in Price of Substitute GoodChange in Price of Complementary GoodChange in Number of Consumers in the Market
- 6. Multiple ChoicePorterville, California is now a major immigration center for Russians. Over 10,000 Russians are living in Porterville now! What demand does this determine?Change in Consumer IncomeChange in Consumer TastesChange in Consumer Price ExpectationsChange in Number of Consumers in the Market
- 7. Multiple ChoiceLabor costs are rising through the roof! Minimum wages are now at $25 an hour. This means even the basic item will need to cost more to keep up with rising costs. What determinant of supply does this most relate to?Change in TechnologyChange in Number of Sellers in the MarketChange in Cost of Factors of Production
- 8. Multiple ChoiceA brand new machine cooks, cleans, and never messes up a fast food order. This means we can sell more fast food than ever before, leading to producers cutting cost of fast food. Which supply factor does this most likely relate to?Change in TechnologyChange in Profit Opportunities Producing other ProductsChange in Producers' Price Expectations
- 9. Multiple ChoiceThe sellers of Twinkies also sell healthy foods. With all the health regulations we have now, the sellers of Twinkies want to sell more healthy foods. The supply of Twinkies will decrease. What supply factor does this best relate to?Change in TechnologyChange in Number of Sellers in the MarketChange in Profit Opportunities Producing other Products
- 10. Multiple ChoiceI foresee gas prices rising tremendously in the next summer. I as a gas supplier, want to cut my supply now so gas prices continue to rise. What supply factor does this best relate to?Change in TechnologyGovernment ActionChange in Producers' Price Expectations
- 11. Multiple ChoiceTakis have been taking the market by storm! Everyone and their mom wants in on selling this delicious treats! Companies that never thought about selling Takis-like products are now selling their version of a hot chip. What supply factor is this?Change in TechnologyGovernment ActionChange in Number of Sellers in the Market
- 12. Multiple ChoiceThe government has put a ban on all items that are unhealthy. No store can legally sell soda over 24 ounces. The supply of anything over 24 ounces becomes non-existent. What supply factor is this?Change in TechnologyChange in Cost of Factors of ProductionGovernment Action
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