Understanding Demand in Economics
Authored by Lorna Wardle
Business
12th Grade
Used 1+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What does the law of demand state?
Price and quantity demanded are unrelated.
There is a direct relationship between price and quantity demanded.
There is an inverse relationship between price and quantity demanded.
Quantity demanded remains constant regardless of price.
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What happens to the quantity demanded when the price decreases?
It remains the same.
It increases.
It decreases.
It fluctuates randomly.
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which of the following is NOT a reason for the downward sloping demand curve?
Law of increasing marginal utility
Substitution effect
Income effect
Law of diminishing marginal utility
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What does the substitution effect imply?
When the price of milk goes up, people buy the same amount of milk.
When the price of milk goes down, people buy less milk.
When the price of milk goes down, people buy more milk.
When the price of milk goes up, people buy more milk.
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What does the income effect suggest?
When the price of milk goes up, people buy more milk.
When the price of milk goes down, people buy less milk.
When the price of milk goes down, people buy more milk.
When the price of milk goes up, people buy the same amount of milk.
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the law of diminishing marginal utility?
The additional satisfaction from consuming more of a good increases.
The additional satisfaction from consuming more of a good decreases.
The total satisfaction from consuming more of a good remains constant.
The total satisfaction from consuming more of a good increases.
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What happens to the demand curve if a study shows milk causes baldness?
It becomes steeper.
It shifts to the left.
It shifts to the right.
It remains unchanged.
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