Chapter 4: Demand

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Chapter 4: Demand

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