Question 1

Which of the following best describes the law of demand?

Accepted Answer

As the price of a product increases, the quantity demanded decreases, ceteris paribus.

Question 2

Suppose the price of tea falls. According to the study materials, what is likely to happen to the demand for sugar if tea and sugar are complementary goods?

Accepted Answer

The demand for sugar will increase.

Question 3

Which of the following is an example of a shift in the demand curve rather than a movement along the demand curve?

Accepted Answer

An increase in consumer income.

Question 4

If the demand function is given by $$ Q = D(p, ps, pc, y) $$, which variable represents the price of the product itself?

Accepted Answer

$$ p $$

Question 5

Ceteris paribus, what happens to the quantity demanded of a normal good when consumer income increases?

Accepted Answer

Quantity demanded increases.

Question 6

Which of the following best explains a movement along the demand curve?

Accepted Answer

A change in the price of the product.

Question 7

If the price of Pepsi increases and as a result, the demand for Coca-Cola increases, what type of goods are Pepsi and Coca-Cola?

Accepted Answer

Substitute goods

Question 8

Which of the following factors would NOT cause a shift in the demand curve for coffee?

Accepted Answer

A change in the price of coffee.

Question 9

A decrease in the price of PlayStation consoles leads to an increase in the demand for PlayStation games. This is an example of:

Accepted Answer

Complementary goods

Question 10

If the demand curve for a product shifts to the right, which of the following is most likely to have occurred?

Accepted Answer

Consumer income increased.

Question 11

Which statement correctly distinguishes between a change in demand and a change in quantity demanded?

Accepted Answer

A change in demand is a shift of the demand curve; a change in quantity demanded is a movement along the demand curve.

Question 12

Suppose the demand for air pods increases after the release of a new iPhone. What is the most likely explanation?

Accepted Answer

Air pods and iPhones are complementary goods.

Question 13

If the demand function is $$ Q = D(p, ps, pc, y) $$, what does $$ y $$ represent?

Accepted Answer

Consumer income

Question 14

Which of the following would cause a movement along the demand curve for Samsung phones?

Accepted Answer

A decrease in the price of Samsung phones.

Question 15

If the price of a product becomes an increasingly expensive way of satisfying a desire, what does the law of demand predict?

Accepted Answer

Less will be demanded of the product.

Question 16

Which of the following is NOT a factor that shifts the demand curve?

Accepted Answer

Price of the product itself

Question 17

If the price of public transit rises and as a result, the demand for public transit falls, what type of good is public transit?

Accepted Answer

Normal good

Question 18

A graphical representation of the relationship between quantity demanded and price, holding other factors constant, is called:

Accepted Answer

Demand curve

Question 19

If the price of eggs increases, what is the most likely effect on the quantity demanded of eggs, ceteris paribus?

Accepted Answer

Quantity demanded will decrease.

Question 20

Which of the following best describes the concept of 'ceteris paribus' in demand analysis?

Accepted Answer

All other variables except the one being studied are held constant.

Demand, Supply, and Price: Foundations of Microeconomic Analysis

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