Chapter 4: Demand

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Chapter 4: Demand

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