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- 1. Multiple Choice
Demand means
the amount of a good or service that consumers are willing to buy.
is the amount of a good or service produced.
is the price that is demanded by consumers.
None of the above.
- 2. Multiple Choice
What does the law of demand say
consumers will buy less of something when price goes down.
consumers will buy more of something when price increases.
consumers will buy more of something when prices go down.
None of the above.
- 3. Multiple Choice
If the price of a good or service decreases what will happen to the demand for it?
increase
decrease
stay the same
who knows
- 4. Multiple Choice
If the price of a good or service increases what will happen to the demand for it?
increase
decrease
stay the same
who knows
- 5. Multiple Choice
What does this curve represent?supplyequilibriumdemandsurplus - 6. Multiple Choice
If the price of printers goes down, what happens in the market for ink cartridges?
Supply increases.
Supply decreases.
Demand increases.
Demand decreases
- 7. Multiple Choice
What goes on the horizontal axis (x axis) of a demand graph?
price
quantity demanded
quantity supplied
change in demand
- 8. Multiple ChoicePrice goes on ________the vertical axisthe horizontal axisat the originthe z axis
- 9. Multiple ChoiceThe price of petrol/gas is expected to increase next week. Then today the demand for petrol/gas willincreasedecrease
- 10. Multiple ChoiceIn a market economy, who decides on the prices of goods and services?governmentbuyers and sellersfirmslocal leaders
- 11. Multiple ChoiceMarket demand curves are obtained bydetermining the price each consumer is willing to pay for the good & summing those prices across all consumersobserving the prices and quantities sold in a market over time and plotting those price-quantity combinations in a graphsumming the quantities every consumer is willing to buy at each different priceobserving the behavior of an individual consumer in a market
- 12. Multiple Choice
If Mary used to buy 10 units at $4 each and now buys 15 units when the price is $3, her
quantity demanded has increased
quantity demanded has decreased
supply has increased
supply has decreased
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