ECON Chapter 4 Assessment

Demand can be displayed in a table called a ____.

• Demand schedule

• Supply schedule

• Price chart

• Production graph

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(A) 2.A

According to the ___, when price decreases, demand rises; and when price increases, demand falls.

• Theory of Supply and Demand

• Principle of Supply and Demand

• Rule of Supply and Demand

• Law of Demand

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(A) 2.A

A ___ is a table that shows how much how much demand all consumers in a market have.

• Supply and demand chart

• Price elasticity graph

• Consumer price index

• Market demand schedule

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(A) 2.C

The six factors that change demand are ​ (a)   ​, (b)   ​, (c)   , ​ (d)   ​, complement, and ​ (e)   .

• income
• market size
• consumer expectations
• consumer taste
• substitutes
• demand
• supply
• price
• reward
• quantity

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(A) 2.A

____ is the desire for a product and the ability to pay for it.

• Supply

• Availability

• Demand

• Affordability

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(A) 2

____ is calculated by multiplying price by quantity sold.

• Total cost

• Total revenue

• Profit margin

• Average price

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(A) 2.B

Demand that doesn't change significantly when prices change is ____.

• Elastic

• Volatile

• Reactive

• Inelastic

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(A) 2.A

Demand that changes significantly when prices change is ____.

• Inelastic

• Variable

• Volatile

• Elastic

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(A) 2.A

The dividing line between elastic and inelastic is where demand is ____.

• Unaffected by price changes

• Proportional to price changes

• Unrelated to price changes

• Unit elastic

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(A) 2.A

The term ______ describes how responsive consumers are to price changes.

• Supply and demand

• Price elasticity

• Elasticity of demand

• Consumer surplus

Tags

(A) 2.A