According to the law of demand, what happens to quantity demanded when the price of a good decreases, assuming other factors remain constant?

Quantity demanded remains the same

Quantity demanded becomes unpredictable

What does the ceteris paribus assumption mean in economics?

Everything changes simultaneously

If the price of smartphones decreases and consumers buy more smartphones, this is an example of

A movement along the demand curve

An increase in market competition

When economists use the ceteris paribus assumption, they are focusing on the effect of changes in

One factor while holding others constant

If there is a decrease in the price of laptops and a decrease in the quantity demanded, what could be a possible explanation?

Changes in consumer preferences

Which of the following statements is true about movements along the demand curve?

They illustrate the relationship between price and quantity demanded.

They represent shifts in consumer preferences.

They occur due to changes in factors other than price.

They result in a shift of the entire demand curve.

Which of the following scenarios is likely to cause a shift in the demand curve for smartphones?

A change in the price of smartphones

A change in the price of phone accessories

A change in the technology used in smartphone production

When the price of good X increases, what happens to the quantity demanded of good X, assuming all other factors remain constant?

Quantity demanded remains unchanged

Quantity demanded becomes elastic

If the price of smartphones decreases while all other factors remain constant, what is likely to happen to the quantity demanded of smartphones?

Quantity demanded remains unchanged

Quantity demanded becomes perfectly elastic

How would a decrease in consumer income affect the demand for inferior goods?

Decrease demand for inferior goods

Increase demand for inferior goods

No impact on demand for inferior goods

Shift the demand curve to the right for inferior goods

How would an increase in the price of beef affect the demand for chicken?

No impact on demand for chicken

Shift the demand curve to the left for chicken

When there is a change in consumer tastes and preferences towards organic foods, what is likely to happen to the demand for conventional foods?

Decrease demand for conventional foods

Increase demand for conventional foods

No impact on demand for conventional foods

Shift the demand curve to the right for conventional foods

What is the primary purpose of a demand curve in economics?

To illustrate the relationship between price and quantity demanded

To show changes in price over time

To display the income distribution of consumers

To represent changes in consumer preferences

How does the concept of elasticity help economists analyze changes in demand?

It measures the responsiveness of quantity demanded to price changes

It indicates the level of consumer satisfaction

It shows changes in consumer income over time

It reflects changes in consumer preferences

What aspect of demand analysis involves studying shifts in the demand curve?

Examining changes in factors other than price

Understanding consumer behavior

In analyzing consumer behavior, what does a movement along the demand curve indicate?

Changes in quantity demanded due to price changes

Changes in the price of related goods

Changes in consumer preferences

How does the law of demand help in evaluating market trends?

It explains the relationship between price and quantity demanded

It predicts future consumer preferences

It determines the price elasticity of demand

It analyzes changes in consumer income

What role does consumer surplus play in evaluating market efficiency?

It represents the difference between actual price and maximum price consumers are willing to pay

It indicates the area above the demand curve

It measures the responsiveness of quantity demanded to price changes

It reflects changes in consumer preferences

How do changes in technology affect the evaluation of demand for electronic gadgets?

They increase the demand for electronic gadgets

They decrease the demand for electronic gadgets

They have no impact on the demand for electronic gadgets

They shift the demand curve to the left for electronic gadgets

Imagine you are a policymaker aiming to increase demand for electric cars. What strategies would you suggest to achieve this goal?

Provide subsidies and incentives for purchasing electric cars

Increase taxes on electric cars

Impose strict regulations on electric car manufacturers

Decrease investment in electric car infrastructure

Create a scenario where changes in consumer preferences lead to an increase in demand for organic food products.

A new scientific study reveals health benefits of organic foods, leading consumers to prefer organic options.

Government imposes higher taxes on organic food products, making them more expensive.

Economic recession causes consumers to switch to cheaper, non-organic food alternatives.

There are no changes in consumer preferences for organic food products.

Develop a marketing strategy for a company that wants to increase demand for its luxury watches.

Partner with influencers and celebrities to promote the brand.

Lower the price of luxury watches to attract more customers.

Increase production to flood the market with luxury watches.

Reduce the quality of materials used to make the watches to cut costs.

As an economist, propose measures to address a decrease in demand for a specific industry due to changing consumer preferences.

Provide training programs for workers to transition to other industries.

Increase taxes on the industry to discourage production.

Implement price controls to keep prices stable in the industry.

Reduce government regulations to encourage more production in the industry.

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SOCSCI 9.QUIZ.004.DEMAND

52 questions

Student Name (LAST, FIRST MI.):

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Time End:

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Which of the following is a graphical representation of the relationship between the price of a good and the quantity demanded?

According to the law of demand, what happens to quantity demanded when the price of a good decreases, assuming other factors remain constant?

What does the ceteris paribus assumption mean in economics?

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