Chapter 4: Demand

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Chapter 4: Demand

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