Demand Review
Authored by Katherine Anderson
Social Studies
9th Grade - University
Used 4+ times
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28 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You buy Halloween candy because it's on sale. You eat the first bag of candy quickly but by the time you get to the 4th bag, you start to feel sick. What is this an example of?
Elasticity
The Law of Demand
Diminishing Marginal Utility
Quantity
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The quantity demanded of a good remains constant when the price rises from $5.00 to $20.00 per unit. Is the product elastic or inelastic?
Elastic
Inelastic
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Insulin is an inelastic good. What will happen to demand if prices rise from $1 per dose to $10 per dose.
Demand remains the same
Demand in
Demand decreases
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Inelastic products are very responsive to changes in price.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Law of Diminishing Marginal Utility states that utility increases with each unit gained.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do we call a change in price AND demand?
Shift
Movement
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do we call a change in demand but price stays the same?
Shift
Movement
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