Chapter 4 Section 2 & 3: What Factors affect Demand? and Wha
Authored by florence dias
Social Studies
12th Grade
Used 4+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is the change in the amount that consumers will buy because the purchasing power of their income changes
o Substitution effect
o Income effect
o Law of diminishing marginal utility
o Change in demand
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is an increase or decrease in the amount demanded because of change in price.
o Change in demand
o Income effect
o Law of diminishing marginal utility
o Change in quantity demand
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Goods consumer demand less of when their income rises.
o Normal goods
o Inferior goods
o Substitutes
o Change in quantity demand
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is change in quantity demanded related to the law of demand?
o Each point reflect the quantity demanded at a particular price
o The law of demand states that change in quantity demanded has an inverse relationship to price
o It prompts consumers to buy different products
o Because it is a part of a mixed economy
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It states that the marginal benefit of using each additional unit of product during a given period will decline.
o Change in demand
o Income effect
o Law of diminishing marginal utility
o Change in quantity demand
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
They are goods that consumers demand more of when their income rise.
o Normal goods
o Inferior goods
o Law of diminishing marginal utility
o Change in quantity demand
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do substitutes affect both demand and elasticity of demand?
o Because in both cases substitutes offer consumers a choice, if the price of a particular good rises , to switch to something else
o Because there are no complements for the goods provided
o Demand curve is steep and is always changing with the price
o It has no substitute
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