
Demand Quiz

Quiz
•
Social Studies
•
12th Grade
•
Medium
Benjamin Morrisey
Used 87+ times
FREE Resource
12 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is diminishing marginal utility?
Consume as many goods/services as possible
Satisfaction from consumption decreases over time
Moderate decline in efficiency
Morrisey eats 10 tacos at Ruthie's and still isn't full
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The 5 determinants of demand are consumer taste and preferences, market size, income, prices of related goods and
substitute goods
producer expectations
TPS reports
consumer expectations
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define the Law of Demand
The customer is always right
direct relationship between price and quantity demanded
The right to arm bears
inverse relationship between price and quantity demanded
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If Whataburger raises all burger prices from $6 to $10, what will happen?
People will buy more burgers
People will buy less burgers
They will merge with Krusty Burger
Diminishing Marginal Utility
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is elasticity of demand?
The extent of a change in quantity demanded due to a price change
The same as inelastic demand
Elastic Demand
The amount of a good or service that a consumer is willing and able to buy
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which good has elastic demand?
Water
Bath Soap
iPhone 11
Salt
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which good has inelastic demand?
PS4
Bath Soap
X Box One
A Ferrari
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