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Demand Quiz

Authored by Benjamin Morrisey

Social Studies

12th Grade

Used 101+ times

Demand Quiz
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12 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is diminishing marginal utility?

Consume as many goods/services as possible

Satisfaction from consumption decreases over time

Moderate decline in efficiency

Morrisey eats 10 tacos at Ruthie's and still isn't full

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The 5 determinants of demand are consumer taste and preferences, market size, income, prices of related goods and

substitute goods

producer expectations

TPS reports

consumer expectations

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define the Law of Demand

The customer is always right

direct relationship between price and quantity demanded

The right to arm bears

inverse relationship between price and quantity demanded

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If Whataburger raises all burger prices from $6 to $10, what will happen?

People will buy more burgers

People will buy less burgers

They will merge with Krusty Burger

Diminishing Marginal Utility

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is elasticity of demand?

The extent of a change in quantity demanded due to a price change

The same as inelastic demand

Elastic Demand

The amount of a good or service that a consumer is willing and able to buy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which good has elastic demand?

Water

Bath Soap

iPhone 11

Salt

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which good has inelastic demand?

PS4

Bath Soap

X Box One

A Ferrari

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