Demand Review

Demand Review

Multiple Choice

An decrease in quantity Demanded is located by moving from point ________ to point_________

• Moving from A to B

• Moving from A to C

• Moving from C to A

• Moving from B to A

Multiple Choice

An increase in quantity Demanded is located by moving from point ________ to point_________

• Moving from A to B

• Moving from A to C

• Moving from C to A

• Moving from B to A

Fill in the Blank

The movement from A to B represents a/an _____ in the price (P).

Fill in the Blank

The movement from A to B represents a/an _____ in quantity demanded (Qd).

Multiple Choice

A change in the price of a good causes people to buy more or less of an item. This best describes the concept of

• the demand curve

• change in quantity demanded

• change in demand

• elasticity

Multiple Choice

Which concept of demand does the graph represent?

• Increase in Demand

• Change in Demand (Shift)

• Decrease in Demand

• Change in Quantity Demanded (Slide)

Fill in the Blank

The movement from A to B represents a/an _____ in price (P).

Fill in the Blank

The movement from A to B represents a/an _____ in quantity demanded (Qd).

Multiple Choice

When consumers react to an increase in a good's price by consuming less of that good and more of other goods.

• Cost Effect

• Income Effect

• Substitution Effect

• Inflationary Effect

Multiple Choice

When the price of a product increases, a consumer is able to buy less of it. Which effect does this describe?

• Cost Effect

• Inflationary Effect

• Income Effect

• Substitution Effect

Fill in the Blank

What does the M in MERIT stand for?

Fill in the Blank

What does the E in MERIT stand for?

Fill in the Blank

What does the R in MERIT stand for?

Multiple Choice

When the price of hot dogs decreases and the demand for hot dog buns increases, this explains the demand of

• Complementary goods

• Capital Goods

• Substitute Goods

• Consumer Goods

Multiple Choice

The price of coffee increases and people switch to drinking tea. The determinant of demand is

• Income

• Price of Related Goods (Complements)

• Consumer Preferences/Tastes

• Price of Related Goods (Substitutes)

Fill in the Blank

What does the I in MERIT stand for?

Fill in the Blank

What does the T in MERIT stand for?

Multiple Choice

What factor could have caused the demand to decrease?

• incomes increased
• expectation that prices will increase 
• a decrease in the price of a substitute 
• increase in market size

Multiple Choice

The 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 Tastes
• Change in Consumer Price Expectations
• Change in Number of Consumers in the Market
• Change in Consumer Income

Multiple Choice

I know that the iPhone 12 is coming out next year but really need a phone badly. I'm thinking about buying an iPhone 11 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 Good

• Change in Consumer Price Expectations

• Change in Number of Consumers in the Market

• Change in Consumer Income

Multiple Choice

McDonald'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 Tastes
• Change in Price of Substitute Good
• Change in Price of Complementary Good
• Change in Number of Consumers in the Market

Poll

How do you thin you did?

• Nailed it!

• So so

• Meh

• Failed It

End of Slide Lesson