Law of Demand practice

What does a change in quantity demanded refer to?

• A shift in the demand curve caused by changes in income

• A movement along the supply curve

• A movement along a fixed demand curve caused by a change in price

• A change in the quantity supplied

What causes a change in demand?

• A change in the quantity supplied

• A movement along the demand curve

• Shifters such as income, preferences, and changes in the price of related goods

• A change in price

What can cause a shift in the demand curve?

• A change in price alone

• A change in quantity demanded

• Changes in variables other than price or quantity

• A movement along the supply curve

How is a change in income represented on a demand curve?

• As a change in quantity supplied

• As a change in price

• As a shift in the entire demand curve

• As a movement along the curve

What does a movement along a fixed demand curve indicate?

• A shift in the supply curve

• A change in demand

• A change in income

• A change in the quantity demanded

What is an easy way to remember the difference between a change in quantity demanded and a change in demand?

• By focusing on changes in supply

• By tracking changes in price and quantity

• By memorizing the shifters of demand

• By observing the supply curve

What represents a shift in the demand curve?

• A movement along the supply curve

• A change in price alone

• A change in quantity demanded

• A change in variables not measured on either axis

What terminology is used to describe a movement along a fixed demand curve?

• A change in the price of related goods

• A change in quantity demanded

• A shift in the demand curve

• A change in demand

1. The following happens: Tesla announces it will start selling self-driving vehicles in six months. What determinant of demand is this for the current car market?

• 1. change in income

• 2. change in population

• 2. change in expectations

   

The price of bagels increases. What happens to the demand curve of cream cheese? (they are often used together)

• 1. demand curve shifts left

• 1. demand curve shifts right

• 1. demand curve does not shift, but rather there is movement along the demand curve