Demand Review
Quiz by Rachel Murat
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11 questions
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- Q1people buy more of a good at a lower pricedemand schedulelaw of supplynormal goodslaw of demand30s
- Q2Consumer desire, willingness and ability to buy productsdemandsupply30s
- Q3when consumers react to an increase in a good's price by consuming less of that good and more of other goodssubstitution effectcomplementsincome effect30s
- Q4demand goes downwhen price goes upwhen prices downwhen supply goes upwhen supply goes down30s
- Q5demand goes upwhen supply goes upwhen price goes downwhen supply goes downwhen price goes up30s
- Q6I bought Red Bull instead sothe price of Monster went upincome effectcomplementssubstitution effect30s
- Q7I usually by one cookie a day at $1.99 the price went down to .99, so I bought 2 of themcomplementslaw of supplyincome effectsubstitution effect30s
- Q8A good for which higher income increases demandsubstitution effectcomplementsnormal goodsinferior goods30s
- Q9are goods that consumers demand less of when their incomes risecomplementsnormal goodsinferior goodssubstitution effect30s
- Q10the change in consumption resulting from a change in incomesubstitution effectcomplementsnormal goodsincome effect30s
- Q11two goods that are bought and used togethernormal goodssubstitution effectincome effectcomplements30s