Quantity demanded: Indicate the answer choice that best completes the statement or answers the question.
Review of Demand

Quiz
•
Business
•
University
•
Hard

Doug Bice
Used 2+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
shows how much buyers are willing and able to buy at different prices.
is the amount that buyers are willing and able to buy at a particular price.
shows how much sellers are willing and able to sell at different prices.
is the amount that sellers are willing and able to sell at a particular price.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A demand curve is a function that shows the relationship between:
price and the quantity sold.
price and the quantity supplied.
price and the quantity demanded.
quantity demanded and quantity supplied.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which statement expresses the law of demand?
There is a positive relationship between price and consumer surplus, all else equal.
There is a positive relationship between price and the quantity that buyers are willing and able to purchase, all else equal.
There is an inverse relationship between the willingness to pay and the ability to pay, all else equal.
There is a negative relationship between price and quantity demanded, all else equal.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the university president valued a parking space close to the administration building at $500 and paid $30 for a parking permit, he would receive consumer surplus equal to:
$30.
$470.
$500.
$530.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A decrease in demand refers to:
a rightward shift of the demand curve.
a leftward shift of the demand curve.
an upward movement along the demand curve.
a downward movement along the demand curve.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assume that spaghetti is an inferior good for most people. As peoples' incomes increase, all other things held constant, the demand for spaghetti will:
decrease, shifting the demand curve to the left.
decrease, shifting the demand curve to the right.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which factor would cause the change in the figure?
a. a decrease in the price of a complement good
b. a decrease in the price of the product
c. a decrease in the price of a substitute good
d. an increase in taxes
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