Eco- Ch-4-Assessment

A listing of how much of an item an individual is willing to purchase at each price is ________

• Market demand schedule

• Demand curve

• Demand schedule

• Law of demand

_______________ are goods that consumers demand more of when their incomes rise.

• Substitutes

• Complementary

• Normal Goods

• Inferior Goods

According to the _______________, when price decreases, demand rises, and when price increases, demand falls.

• Law of marginal utility

• Law of Demand

• Change in quantity demanded

• Market Size

The different points on a demand curve show ______________________.

• Change in quantity demanded

• Demand schedule points

• change in demand

• None of the above

Demand can be displayed in a table called _______ or a graph called _________.

• demand schedule, demand curve

• change in quantity demanded, change in demand

• complements, substitutes

• normal goods, inferior goods

If quantity demanded changes significantly when price changes, how is demand described?

• Elastic

• Inelastic

• Constant

• Inconstant

What is the total revenue test used for?

• To measure loss

• To measure demand

• To measure expense

• To measure elasticity

Which of the following categories is most likely to have an inelastic demand?

• Goods that have many substitutes

• Goods that have many complements

• Goods that have no substitutes

• Goods that have no complements

Write the factor that affects demand for the below statement.

"Electric scooter sales rise, and bike sales fall"

• Market Size

• Complements

• Substitutes

• Proportion of income

Write the factor that affects demand for the below statement.

"The U.S. birth rate declined for 10 years in a row, eventually causing a drop in sales of children’s bikes".

• Market Size

• Substitutes

• Complements

• Proportion of income