Demand Quiz

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

An increase in the price of aspirin is likely to be paired with a(n) ___________________ in the demand for Tylenol because the two goods are __________________.

• increase; complements
  
• increase; substitutes 
•  decrease; complements 
•  decrease; substitutes

If the price of printers goes down, what happens in the market for ink cartridges?

• Supply increases.
• Supply decreases.
• Demand increases.
• Demand decreases

Consuming more of one good because of a change in price of another good is known as the 

• income effect
• substitution effect
• elasticity effect
• demand effect

A table that lists the quantity of a good that a single person will buy at each price in a market.

• demand schedule
• market demand schedule
• elasticity chart
• supply and demand graph

For the law of demand, as price rises, what happens to quantity demanded?

• it increases

• it decreases

• it stays the same

• it is not effected

The Law of Demand says there is a(n) ______________ between the price of a good and the quantity demanded.

• Undefined Relationship

• Direct Relationship

• Inverse Relationship

• Exact Relationship

Which of these products are most likely to have elastic demand?

• Food

• Medications

• Electricity

• Luxury Automobiles

Which of these products are most likely to have elastic demand?

• Food

• Medications

• Electricity

• Luxury Automobiles

Elastic or Inelastic?

• Elastic
• Inelastic