Demand Quiz

Which curve is typically upward sloping in a demand and supply graph?

• Demand

• Supply

• Equilibrium

• Quantity

Price and quantity demanded move in (a)   according to the text.

• In the same direction
• In opposite directions
• Randomly
• Independently

On a graph, how does demand move?

• Uphill

• Downhill

• Horizontally

• Vertically

What concept limits the increase in demand despite lower prices?

• Increasing returns

• Diminishing marginal utility

• Constant utility

• Expanding demand

The satisfaction or usefulness of a product (a)   as more is consumed.

• It increases
• It remains constant
• It decreases
• It fluctuates

What happens to your desire for pizza as you consume more?

• It increases

• It remains the same

• It decreases

• It fluctuates

What does the term "marginal utility" refer to?

• Total satisfaction

• Additional satisfaction

• Constant satisfaction

• Decreasing satisfaction

What happens to the marginal utility of a product as more is consumed?

• It increases

• It remains constant

• It decreases

• It fluctuates

Which of the following is NOT a characteristic of inelastic demand?

• Necessities

• Few substitutes

• Luxurious items

• Price changes do not affect demand

What type of demand is associated with products that have many substitutes?

• Inelastic demand

• Elastic demand

• Constant demand

• Variable demand