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Chapter 4: Demand

14 Questions  I  By Slevaque
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Chapter 4: Demand

  
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1.  Demand for a product is inelastic when
A.
B.
C.
D.
2.  The demand for necessities
A.
B.
C.
D.
3.  Consumers' expectations about the price of a good or service will often
A.
B.
C.
D.
4.  Which of the following is an example of demand?
A.
B.
C.
D.
5.  Economists measure elasticity of demand by
A.
B.
C.
D.
6.  The law of demand states that 
A.
B.
C.
D.
7.  What is the substitution effect?
A.
B.
C.
D.
8.  When the price of a good or service goes up, your demand will probably
A.
B.
C.
D.
9.  What happens when the income of consumers rises?
A.
B.
C.
D.
10.  Why does a market demand curve show larger quantities than an individual demand curve?
A.
B.
C.
D.
11.  A change in quantity demanded is
A.
B.
C.
D.
12.  The availability of substitutes
A.
B.
C.
D.
13.  A market demand schedule shows
A.
B.
C.
D.
14.  Three factors that can cause a change in demand are
A.
B.
C.
D.
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