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Chapter 4: Demand

14 Questions  I  By Slevaque
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Chapter 4: Demand

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