Demand 3.1 and 3.2 Quiz

Demand is...

• Amount supplied

• the amount of a good or service that a customer unwilling and unable to buy at one price

• the amount of a good or service that a customer willing and able to buy at various prices

• Income effect

Quantity Demanded is...

• Amount you would buy of a good or service at a specific price and time

• Amount you would buy of a good or service at any price

• Customer is willing and able to buy

• the number of games

All are TRUE of the Law of Demand, except...

• Demand's inverse relationship to price

• If the price goes up, the quantity demanded goes down

• Supply and Demand always go up and down together

• If the price goes down, the quantity demanded goes up

Which is an example of Diminishing Marginal Utility?

• If I own 14 cars, I would have greater satisfaction after buying my 15th car, than my first car

• Big Bob ate 19 scones. Big Bob's utility (satisfaction) was higher after the first scone than the 19th scone

When a product’s demand shifts, different quantities of a product are demanded at each and every price.

• Changes in Supply

• Changes in Price

• Changes in Demand

• No

All of the following could cause a shift in a product's Demand, except...

• Change in consumer tastes and preferences

• Change in income

• Change in weather

• Change in Prices of Related Goods

Match the good to their substitute good.

• Nintendo Switch

• Snickers

• Butterfinger

• Coke

• Pepsi

• Netflix

• Disney+

• X Box

Match the good to their complementary good.

• Led

• X Box

• Buns

• Hamburger patty

• Controller

• Netflix

• Wifi

• Mechanical Pencil