The Law of Demand — Quiz

Question 1

Microeconomics is the study of the economic interactions between

Revolt · Accepted Answer

Consumers and producers

Question 2

The degree to which quantity demanded changes after a price change is called

Revolt · Accepted Answer

elasticity of demand.

Question 3

According to the law of demand, as prices decrease, the quantity demanded

Revolt · Accepted Answer

increases.

Question 4

Maria purchases a premium brand of coffee at the grocery store for $8. Which would be considered a substitute good?

Revolt · Accepted Answer

a lower-priced brand of coffee

Question 5

Consumers create demand for

Revolt · Accepted Answer

goods and services.

Question 6

An example of complementary goods would be

Revolt · Accepted Answer

computers and printers.

Question 7

Which best describes a reason that consumer demand can change?

Revolt · Accepted Answer

loss of income

The Law of Demand — Quiz Answers