Demand & Supply Assessment

Which of these best describes "microeconomics"?

• The part of economics that deals with single factors (such as supply and demand) & effects of individual decisions

• The part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.

• The effects of psychological, cognitive, emotional, cultural & social factors on the economic decisions of individuals and institutions.

• The application of statistical methods to economic data in order to analyze economic relationships.

This factor has the greatest impact in determining what consumers want to buy

• Price

• Color

• Features

• Battery life

Which best represents the "law of demand"?

• the desire to own something and the ability to pay for it

• when price goes up quantity demanded goes down

• when price goes up quantity supplied goes up

• when price goes down quantity demanded goes down

This image represents:

• An increase in quantity demanded

• A demand schedule

• The law of demand

• The law of supply

This image best represents:

• An increase in demand

• A decrease in demand

• A decrease in quantity demanded

• An increase in quantity demanded

This image best represents a:

• demand schedule

• demand curve

• supply schedule

• supply curve

The "quantity demanded by all consumers in a market" is known as the:

• Individual demand

• Market demand

• Market supply

• Supply and demand

According to the law of demand, the relationship between "price" and "quantity demanded" is:

• Inverse

• Direct

• Not correlated

This graph represents a(n):

• Decrease in supply

• Decrease in demand

• Increase in quantity demanded

• Decrease in quantity supplied

A determinant of the change seen here could be:

• An increase in income

• A decrease in the price of a substitute good

• An increase in population

• A new viral ad campaign for the good