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Grade 11 Economics
Grade 11 Economics
Grade 12 Economics
A measure of how consumers react to a change in price.
  1. market demand
  2. individual demand
  3. elasticity of demand
  4. inelastic demand
Grade 11 Economics
An inelastic demand curve
  1. is almost vertical
  2. is circular
  3. is almost horizontal
  4. cannot be illustrated on a graph
Grade 12 Economics
What effect does the availability of many good substitutes have on the elasticity of demand for a good?
  1. demand is unitary elastic
  2. demand is inelastic
  3. demand is elastic
  4. demand is not affected
Grade 11 Economics
When demand increases, the demand curve
  1. shifts to the left
  2. shifts to the right
  3. becomes smooth
  4. becomes steep
Grade 12 Economics
This is demand that depends on the demand of some other good or service.
  1. Equilibrium wage
  2. Collaborative demand
  3. Supplied demand
  4. Derived demand
Grade 12 Economics
Grade 12 Economics
Grade 11 Economics
At a price below equilibrium,
  1. demand exceeds supply
  2. supply exceeds demand
  3. supply and demand are equal
  4. supply and demand curves intersect
Grade 11 Economics
Substitute goods and complementary goods are known as
  1. elastic goods
  2. inelastic goods
  3. proportional goods
  4. related goods
Grade 11 Economics
When the demand for a product decreases due to changing consumer preferences, the demand curve
  1. shifts to the left
  2. shifts to the right
  3. remains constant
  4. goes upward
Grade 12 Economics
Grade 11 Economics
Economic demand for a product refers to how much of the product
  1. is available for purchase from business at each price
  2. people are willing and able to buy at each price
  3. people want, whether they can buy it or not
  4. consumers can afford it
Grade 11 Economics
The idea that each successive slice of pizza is worth less and less illustrates the concept of
  1. consumerism
  2. elasticity
  3. diminishing marginal utility
  4. none of the above
Grade 11 Economics
Which method would be most appropriate for constructing a demand schedule?
  1. polling consumers
  2. polling wholesalers
  3. polling producers
  4. interviewing entrepreneuers
Grade 12 Economics
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