Demand Review Quiz

Which law states that when the price goes down, the quantity demanded goes up & vice versa?

• Law of Diminishing Returns

• Law of Supply

• Law of Equilibrium

• Law of Demand

Which of the following group of goods would be the best examples of inferior goods?

• Organic food and high-end electronics

• Smartphones and laptops

• Generic brand groceries and public transportation

• Luxury cars and designer clothes

Which of the following would be a complimentary good to breakfast cereal?

• Bread

• Milk

• Eggs

• Orange juice

What would happen to the demand curve if Apple announced today, that in May, the price of iPhones is going up?

• Demand curve shifts left

• Demand curve becomes vertical

• Demand curve shifts right

• No change in demand curve

Who determines demand?

• Retailers

• Producers

• Government

• Consumers

Which of the following would NOT shift the demand curve?

• Change in consumer preferences

• Change in the price of related goods

• Change in consumer income

• Change in the price of the good itself

Which of the following are compliments?

• Coffee and tea

• Pencils and erasers

• Shoes and socks

• Bicycles and cars

What is a Demand Curve?

• A graph showing the production possibilities

• A graph showing the relationship between price and quantity demanded

• A graph showing the supply of a good

• A graph showing the equilibrium price

Identify the Substitutes

• Tea and coffee

• Bread and butter

• Printers and ink cartridges

• Cars and gasoline

What is the difference between a change in quantity demanded and a change in demand?

• Both are shifts of the demand curve

• Change in quantity demanded is a shift of the demand curve, while change in demand is a movement along the demand curve

• Both are movements along the demand curve

• Change in quantity demanded is a movement along the demand curve, while change in demand is a shift of the demand curve