Supply & Demand Review
Quiz by Jessee Hankins
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25 questions
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- Q1Which economic term is defined as the desire to have a good or service and the ability to pay for it?SubstituteElasticityDemandComplement30s
- Q2Which of the following restates the law of demand?When prices go down, quantity demanded increases; when prices go up, quantity demand decreasesWhen prices go down, demand decreases; when prices go up, demand increasesWhen prices go down, quantity demand decreases; when prices go up, quantity demand increasesWhen prices go down, demand increases; when prices go up, demand decreases30s
- Q3What is demand schedule?a table showing how much of a product a market is willing and able to buya graph showing how much of a product a market is willing and able to buya table showing how much of a product an individual is willing and able to buya graph showing how much of a product an individual is willing and able to buy30s
- Q4What is a demand curve?a table showing how much of a product a market is willing and able to buya graph showing how much of a product an individual is willing and able to buya graph showing how much of a product a market is willing and able to buya table showing how much of a product an individual is willing and able to buy30s
- Q5Which term means goods that consumers demand more of when their incomes riseinferior goodsnormal goodscomplementary goodssubstitute goods30s
- Q6If quantity demanded changes significantly when price changes, how is demand described?elasticinconsistentconstantinelastic30s
- Q7Which of the following describes a demand curve?It is bow-shaped.It slopes downward from left to right.It slopes downward from right to left.It is a horizontal line.30s
- Q8Skiers flock to a town in the Rockies in January, and restaurant business booms. What factor is affecting demand?Change in substitutesChange in consumer incomeChange in market sizeChange in consumer taste30s
- Q9Many U.S. consumers have switched to wireless phones from traditional telephones. Which factor is affecting demand?Change in substitutesChange in market sizeChange in complementsChange in consumers' tastes and preferences30s
- Q10The desire and ability to produce and sell a product isdemand.supply.production.profit.30s
- Q11The law of supply states thatwhen prices go up, quantity supplied decreases; when prices go down, quantity supplied increaseswhen prices go down, supply increases; when prices go up, supply decreaseswhen prices go up, quantity supplied goes up; when prices go down, quantity supplied goes downwhen prices go up, supply increases; when prices go down, supply decreases30s
- Q12What motivates producers to increase supply?profitefficiencythriftdemand30s
- Q13What is the most likely outcome when the number of producers of a particular product rises?a decrease in competitionan increase in supplya decrease in supplya rise in price30s
- Q14Elasticity of supply measures how responsiveconsumers are to a price change.government is to a price change.workers are to a price change.producers are to a price change.30s
- Q15What do both elasticity of demand and elasticity of supply measure?Responsiveness to quantityDesires of producersResponsiveness to priceDesires of consumers30s