Chapter 4: Demand

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Chapter 4: Demand

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