Supply
And
Demand
Review
Jeopardy
100
For most products and services, increased price results in:
What is demand for fewer products
100
Advertising, fashion trends, and new product introductions serve to:
What is create consumer demand
100
Because a modest price increase has little or no effect, the demand for the product is
What is inelastic
100
A business doubled the proice of a product in order to increase profits. Which of the following scenarios might have occured?
What is a dramatic decline in revenues demonstrated by the elasticity of the product
100
A demand schedule shows
What is a listing of the various quantities demanded of a particular product at all prices that prevail in the market
200
Consumers' willingness to replace a costly item with a less costly item is an example of:
What is the substitution effect
200
When a customer's need for a product is not urgent, demand tends to be
What is elastic
200
When a manufacturer of pain medication reduced the price of medicine by 30%, profits declined by 30%. Demand is:
What is unit elastic
200
#9 According to this demand curve, if the price of movie videos increases from 14 to 16, the quantity demanded will
What is fall from 600 to 400
200
#10 Whcih of the following choices could cause the movement shown in this graph?
What is a decrease in income
300
#11 Which of the following choices could cause the movement shown in this graph?
What is a decrease in the price of cameras
300
#12 Based on this passage, McDonald's is serving rice in its Indonesian restaurants because of
What is an increase in the price of a substitute
300
#13 In the experiment described in the passage, Noumenon Corporation was trying to determine the price that
What is would bring in the most money
300
#14 The change from the old demand curve to the new demand curve shown in the table represents a
What is shift of the demand curve to the right
300
All of the following can change the market supply curve EXCEPT
What is a change in the demand for the product
400
When employees are getting in each other's way, the firm is operating
What is in Stage II of production
400
The level of profit maximizing output is reached when marginal cost is:
What is equal to marginal revenue
400
When producers offer fewer products for sale at each price
What is the supply curve has shifted to the left
400
The theory of production deals with the relationship between the factors of production and
What is the output of goods and services
400
Rent payments and property taxes would be counted as
What is fixed costs
500
Many businesses are engaging in e-commerce because
What is fixed costs are minimal
500
#22 if you were to graph this supply schedule, the supply curve would
What is slope upward from left to right
500
#23 According to this supply curve, if the price of movie videos decreases from 18 to 16, the quantity supplied will
What is fall from 1000 to 800
500
#24 Which of the following choices could cause the movement shown in the graph
What is tax increases
500
#25 Which of the following choices could cause the movement shown in this graph
What is technology improves production
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