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Demand Practice II
Practice the important concepts from the lesson.
- Which of the following choices best describes demand?
- a want but not a need
- The correct answer is the desire (willingness) and ability to buy a product.
- a measure of the satisfaction one gets from a good or service
- spending done by business on plants and equipmen
Answer: B. the desire (willingness) and ability
- If the Law of Demand is in effect, when the price of a good is lowered, demand ________ Blank.
- increases
- decreases
- stays the same
- coudl either increase or decrease
Answer: A. increases
- A change in quantity demanded is ________ Blank.
- the amount consumers would buy if prices increased
- a table recording the number of units of a good or service demanded
- the desire to purchase a certain number of units of a good or service at a given price
- a change in the quantity of a product purchased in response to a change in price
Answer: D. a change in the quantity of a product purchased in response to a change in price
- A change in demand means that ________ Blank.
- manufacturers can increase production by hiring more workers
- consumers are willing to buy different amounts of a product at the same prices
- prices remain constant for a long period of time
- increasing the quality of a product will lead to more sales
Answer: B. consumers are willing to buy different amounts of a product at the same prices
- What is a graph that shows the quantity of demand for a certain individual at each price that might be used in the market at a given time?
- individual supply schedule
- demand curve
- individual demand curve
- supply schedule
Answer: C. individual demand curve
- We buy things because we feel the product is useful to us, but as we use more and more of a product we experience ____.
- diminishing marginal utility
- the Law of Demand
- demand
- demand elasticity
Answer: A. diminishing marginal utility
- As the price goes ________ Blank the quantity demanded goes ________ Blank.
- up, nowhere but instead stays the same
- up, up
- down, down
- down, up
Answer: D. down, up
- The best example of complements would be ________ Blank.
- shoes and rain boots
- Pepsi and Coca Cola
- peanut butter and jelly
- Burger King and McDonalds
Answer: C. peanut butter and jelly
- Which of the following does NOT cause a change in demand?
- a change in location
- a change in taste
- a change in income
- a change in the number of buyers
Answer: A. a change in location
- A change in consumer expectations and consumer taste changes what for the product?
- change in quantity demanded
- change in demand
- change in supply
- change in quantity supplied
Answer: B. change in demand
You've completed this practice activity!