According to economics, what happens to demand when prices rise?

the Law of Demand

Quiz
•
Social Studies
•
9th - 12th Grade
•
Medium
Nancy Harry
Used 116+ times
FREE Resource
12 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Demand stays the same
Demand rises
Deflation occurs
Demand falls
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
______________ is a graph that shows the amount of a product that would be bought at all prices in the market.
Supply Curve
Law of Demand
Demand Curve
Market demand
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Some products, such as DVDs and DVD players, are called __________ because demand for one moves in the opposite direction as the price of the other.
substitutes
surplus
elastic
complements
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the law of demand, quantity demanded and price __________.
Move in the same direction.
Depend on marginal utility.
Move in opposite directions.
Are not related.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Total demand may change if more consumers enter the market, consumer tastes change, or ____.
Consumer expectations change.
Producers supply unpopular products.
Demand is inelastic .
Supply remains the same.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not necessary for demand to exist?
Desire for a good or service
Willingness to purchase a good or service
Competition to produce a good or service
Resources to produce a good or service
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which principle results in the lowering of a good’s price over time?
marginal utility
seller's market
additional satisfaction
diminishing marginal utility
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