Chapter 2: Quiz

Price controls are

A price ceiling

When the restaurant that serves fast food increases in the number, this leads to_____.

While we draw the demand curve, which of these assumptions are there?

Movement along the demand curve occurs due to change in:

Complementary goods:

In case of Giffen’s paradox, the slope of demand curve is:

Suppose the price of good X increases. If X and Y are substitutes, then, in the market for good Y, we would expect:

Suppose the demand for good Z goes up when the price of good Y goes down. We can say that goods Z and Y are:

When excess demand occurs in an unregulated market, there is a tendency for:

The demand for a given product will rise if:

law of demand shows the relationship between

If the quantity of crackers goes up when the price of cheese goes down, crackers and cheese are:

Which of the following would be likely to reduce the demand for residential housing?

How are two goods (apple and orange) related when, as a result of rise in the price of apples, demand for oranges increases?

Demand is determined by

The demand curve has a _____ slope.

What is the effect of cheaper substitutes on the demand of a commodity?

When the demand for good-Y is affected by the price of good-X, the demand is called_______

If consumer income declines, then the demand for