Final Assessment Demand

What happens to the demand for pizza if the price increases from $3 to $4?

• Demand increases.

• Demand decreases.

• Demand stays the same.

• Demand doubles.

What would a demand schedule look like?

• A graph showing the relationship between price and quantity.

• A table showing how much of a good consumers will buy at different prices.

• A list of goods available in the market.

• A chart of consumer preferences.

What does a demand curve do?

• It lists all available goods.

• It shows consumer preferences.

• It plots data from a demand schedule on a graph.

• It predicts future market trends.

What is the substitution effect in the context of the law of demand?

• It refers to the tendency of people to buy more of a good as its price decreases.

• It states that as the price of one good rises, people are likely to choose a substitute good.

• It describes the increase in demand for a good as its price increases.

• It suggests that people will buy less of a good if their income decreases.

According to the law of demand, what are you likely to do when the price of pizza goes up?

• Buy more pizza.

• Choose a more expensive substitute.

• Choose a less expensive substitute.

• Stop eating out altogether.

When the price of pizza slices increases, and everyone eats fewer slices without choosing other snacks, what is this behavior called?

• Income effect

• Substitution effect

• Price elasticity

• Demand curve shift

Isla notices a craze for avocados at the market. How might this affect the demand for tortilla chips, a related good?

• A) It can increase or decrease demand for tortilla chips.

• B) It has no effect on tortilla chips.

• C) It only decreases demand for tortilla chips.

• D) It only increases demand for tortilla chips.

What factors can influence the demand for goods, aside from price?

• Price determinants

• Non-price determinants

• Demand factors

• Supply determinants

What happens to the demand curve when there's a demand shift?

• It moves up or down

• It moves to the right or left

• It becomes steeper

• It becomes flatter

What could affect your decision to go on a picnic, besides the cost of sandwiches?

• A decrease in price

• A change in weather

• An increase in supply

• A change in production cost