Social Stud. 4th qtr reviewer - suppy and demand

Which of the following best describes the Law of Demand?

• As demand goes up, price becomes elastic.

• As demand goes down, supply goes up.

• As price goes down, demand goes down. (and vice versa).

• As price goes down, demand goes up (and vice versa).

Which of the following would NOT cause a demand curve to shift?

• a change in the price of a product.

• a change in a consumer's expectations

• a change in a consumer's income level

• a change in population

Answer explanation

even i dont know why

The Law of Demand "works" because of a combination of what two effects?

• The Substitution and Elasticity Effect

• Doppler and Lake Effects

• None of the Above

• Substitution and Income Effects

Answer explanation

the answers is because, x, y, and z.

 If a consumer knows that a product will be going on sale this week, how will his/her CURRENT demand be affected?

• it will stay the same

• What does this have to do with the price of the mouth-watering, greasy, cheesy, steaming hot with paarl (red-orange) perfectly circled peperonies on the peperoni pizza in the Greenwich Pizza of the Philippines?

• it will go up

• it will go down

 How will the demand curve for iPhone accessories change if the demand for iPhones increases?

• it will not change

• shift down and to the left

• shift up and to the right

In a market economy, who decides on the prices of goods and services?

• government

• local leaders

• firms

• buyers and sellers

 The phrase "a change in demand" most directly implies a

• shift in the demand curve

• change in quantity demanded of a good

• movement along the price curve

• movement along the curve

 If a good represents a large percentage of a person's total expenditures, it is likely to be have

• Inelastic demand

• Elastic demand

Demand is unit elastic if it is less than 1.0

• True

• False

This is a mathematical expression of the relationship of two variables: the quantity demanded (Qd) as the dependent variable and Price (P).

• Demand Function

• Demand Schedule

• Demand Curve

• Law of Demand