QUIZIZZ CHAPTER 2 DEMAND AND SUPPLY

Which of the following explains the law of demand?

• Price increases, quantity demand unchanged

• Price decreases, quantity demanded decreases

• Price increases, quantity demanded decreases

• Price and demand are unrelated

When a consumer’s income increases, what generally happens to the demand for normal goods?

• It increases

• It decreases

• It remains unchanged

• It becomes zero

A change in quantity demanded is caused by which of the following factors?

• Change in consumer preferences

• Change in price of the good

• Change in government policy

• Change in future price expectations

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

• Change in demand refers to price factors

• Change in quantity demanded refers to non-price factors

• Change in demand shifts the curve, while change in quantity demanded moves along the curve

• Both refer to non-price factors

The demand curve is downward-sloping because of which concept?

• Law of demand

• Substitution effect

• Government intervention

• Law of supply

When the price of pizza decreases, owner of pizza restaurants are likely to ___________.

• Increase the supply of pizzas

• Decrease the quantity supplied of pizzas

• Increase the quantity supplied of pizzas
  

• Decrease the supply of pizzas

As the price of sugar drops, candy manufacturers will:

• Decrease the supply of candy

• Increase the quantity supplied of candy

• Increase the supply of candy

• Decrease the quantity demanded of candy

If the price of bread increases, consumers will ____________.

• Increase the demand for bread

• Decrease the quantity demanded of bread

• Decrease the demand for bread

• Increase the quantity demanded of bread

If the price of public transport rises, the demand for private cars will ____________.

• Increase

• Decrease

• Remain unchanged

• Decrease the quantity demanded

When incomes rise, people buy more luxury cars at the same price. This is an example of ____________.

• A change in demand

• A change in quantity demanded

• A decrease in demand

• A movement along the demand curve