Coach O'Brien - Demand and Supply

Coach O'Brien - Demand and Supply

Multiple Choice

Demand goes ……?

• Down to the ground

• to the sky

Multiple Choice

When price goes up, quantity demanded:

• Go's up

• Go's down

• remains unchanged

Multiple Choice

The price of beef skyrockets and people decide to buy more chicken or pork. This is known as:

• Economics

• Law of demand

• Substitution Effect

• Chicken Express

Multiple Choice

What is the law of diminishing marginal utility?

• People get less utility (happiness) out of each additional purchase of the same item.

• Marginality diminishes and utility grows out of each purchase of a good

Multiple Choice

Another word for utility?

• Satisfaction

• Usefulness

5 Shifters of Demand

• Taste & Preference

• Number of consumers

• Price of related goods

• Income

• Change in Expectation

Multiple Choice

If Tom Brady says before every Super Bowl he will only eat a tablespoon of peanut butter. What shifter will be the reason for a change in demand:

• Taste and preference

• Price of related goods

• Income

• Expectat

Multiple Choice

If Tom Brady says before every Super Bowl he will only eat a tablespoon of peanut butter. The change in demand

• will increase

• will decrease

Multiple Choice

Following Tom Brady's comments the change in demand will increase. The demand curve will shift completely to the:

• Right

• Left

Normal Good

• A normal good is a consumer good that people will buy more of the more income that they have

Inferior Good

• An inferior good is a good that consumers will purchase less of the more income they have

• 
  

  
  

Multiple Choice

Raman Noodles are a:

• Normal Good

• Inferior Good

Multiple Choice

Lobster tails are a:

• Normal Good

• Inferior Good

Multiple Choice

A Lexus is a:

• Normal Good

• Inferior Good

Multiple Choice

A McDonald's $4 for 4 is a:

• Normal Good

• Inferior Good

Multiple Choice

A buss pass is a:

• Normal Good

• Inferior Good

This is a Pass/Fail assignment but feel free to repeat questions for practice. Expect another this week.

• Coach O'Brien