Supply and Demand Quiz

For the law of demand, as price rises, what happens to quantity demanded?

• it goes up
• it goes down
• it stays the same
• it is not effected

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

The diagram represents a

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

Goods that are bought and used together are 

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

Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?

• Prices or availability of substitutes
• Prices or availability of complementary goods
• Change in the weather or season
• Change in the number of buyers

Which of the following is likely to increase the demand for peanut butter?

• Fewer children in the population
• News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.
• A big increase in the price of jelly.
• A report from the Surgeon General of the United States that eating peanut butter makes people nutty.

Which of the following would not shift the supply curve for iphones?

• an increase in the price of iphones
• a decrease in the number of sellers of iphone
• an increase in the price of plastic, an input into the production of iphones
• an improvement in the technology used to produce iphones

What do varipus point on a demand curve represent?

• change in demand
• change in quantity demand
• change in marginal utility
• change in elasticity

Which of the following factors will not cause the demand curve to shift

• advertising
• population
• consumer expectations
• price

The government is giving every individual 18 and above an extra $1,000.00 this year. What determinant of demand does this likely fall under?

• Change in Consumer Tastes
• Change in Consumer Price Expectations
• Change in Number of Consumers in the Market
• Change in Consumer Income