Market Economics Quizzes, Questions & Answers

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Explore the dynamics of the Tempe pizza market through this focused assessment. Dive into economic principles like supply, demand, and market equilibrium. Perfect for learners aiming to understand real-world applications of...

Questions: 29 | Attempts: 10 | Last updated: Aug 4, 2025

Sample Question 1
Which of the following will not cause an increase in the demand for pizza in the Tempe pizza market?

D) Consumers' incomes rise.

B)The price of pizzas falls.**Own price will never change supply or demand

C) New studies indicate that eating pizza reduces the chance of getting colon cancer.

A) Consumers expect the price of pizzas to increase in the future.

Sample Question 2
If beer and pizza are complementary goods in the Tempe pizza market, then an increase in the price of beer, other things being equal, will result in a ___ in the demand for ___.

No change in the demand for pizzas

An increase in the demand for pizzas

A decrease in the demand for beer

A decrease in the demand for pizzas

Sample Question 3
What would happen in the Tempe pizza market if pizza is an inferior good, and there is an increase in the income of the households that consume pizza in the Tempe pizza market?

The price of pizza would increase, and the quantity produced and exchanged would increase.

The price of pizza would increase, and the quantity produced and exchanged would decrease.

The price of pizza would decrease, and the quantity produced and exchanged would increase.

The price of pizza would decrease, and the quantity produced and exchanged would decrease.