Demand Quiz (B)

This part of the market determines DEMAND

• buyers
• sellers
• suppliers
• store owners

Goods that are bought and used together are 

• complementary goods
• substitute goods
• income goods
• unrelated goods

The diagram represents a

• increase in demand
• decrease in demand
• change in quantity demand
• none of the above

The movement from Point A to Point B represents a(n)

• increase in the price.
• decrease in the quantity supplied.
• shift in the supply curve.
• Both Orange and Blue are correct.

Mr Tonkli goes to the ticket booth to buy tickets for a Cavs game. Mr. Tonkli is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available? 

• The arena forgot to print enough tickets.
• The supply of tickets was greater than the demand.
• The arena charged too much money for each ticket.
• The demand for tickets was greater than the supply.

Local stores sell a particular pair of sneakers for $80. A picture of a basketball star Lebron James wearing these sneakers appears in all the local Ohio newspapers. The next day, sales for sneakers start to rise.
What is likely to happen to the price of the sneakers over the next several weeks?

• People will refuse to buy these sneakers.
• The price for the sneakers will not change.
• The price will fall as people learn Lebron James wears them.
• The price of the sneakers will rise as more people want similar sneakers.

How does competition affect producers in a market economy? 

• They generally agree to share resources equally.
• They improve the quality of their goods to attract buyers.
• They look to the government to assign resources.
• They ration their goods equally among consumers.

The using up of a resource

• scarcity
• supply
• services
• consumption

There are 4 _______________. They are land, labor, capital and entrepreneurship.

• Factors of Production 
• Market Economy 
• Profit 
• Economics 

Tags

CCSS.RF.3.3B

CCSS.RF.3.3C

CCSS.RF.3.3D

CCSS.RF.4.3A

CCSS.RF.5.3A

Wants are...

• desires for things that may or may not be necessities
• desires that can only be obtained by spending money
• are only tangible goods
• are only intangible goods