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- 1. Multiple Choice
According to the Law of Demand, when prices drop...
demand will also drop
demand will increase
quantity demanded is unchanged
supply increases
- 2. Multiple Choice
The more money that a person makes, the more they are willing to spend..
diminishing marginal utility
substitute effect
total revenue
income effect
- 3. Multiple Choice
The more of a product that you consume, the less satisfaction the consumer enjoys..
income effect
diminishing marginal utility
demand elasticity
purchasing power
- 4. Multiple Choice
As prices for a product decrease, demand for a product should increase..
diminishing marginal utility
elasticity
income effect
law of demand
- 5. Multiple Choice
A product may be amazing, but unless consumers are __ and __ to purchase it, it's not in demand.
willing
wishing
able
planning
- 6. Multiple Choice
When prices rise for a particular product, consumers will purchase lower-priced similar items..
income effect
substitute effect
diminishing marginal utility
law of demand
- 7. Multiple Choice
The basic problem of economics is ___.. we just don't have the resources to take care of ALL of our wants/needs!
opportunity cost
diminishing marginal utility
purchasing power
scarcity
- 8. Multiple Choice
A product may be amazing, but unless people can actually afford it, it's not really in deman.
True
False
- 9. Multiple Choice
An oil refinery fire could cause the price of gas to __
increase
decrease
stabilize
fluctuate wildly
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