02 Jun 1. What is the difference between an “increase in demand”
Question
1. What is the difference between an “increase in demand” and an “increase in quantity demanded”?
A) There is no difference between the two terms; they both refer to a shift of the demand curve.
B) An “increase in demand” is represented by a rightward shift of the demand curve while an “increase in quantity demanded” is represented by a movement along a given demand curve.
C) There is no difference between the two terms; they both refer to a movement downward along a given demand curve.
D) An “increase in demand” is represented by a movement along a given demand curve, while an “increase in quantity demanded” is represented by a rightward shift of the demand curve.
2. If, in response to an increase in the price of chocolate, the quantity demanded of chocolate decreases economists would describe this as
A) a decrease in demand.
B) a decrease in quantity demanded.
C) a change in consumer income.
D) a decrease in consumers’ taste for chocolate.
3. By drawing a demand curve with ________ on the vertical axis and ________ on the horizontal axis, economists assume that the most important determinant of the demand for a good is the ________ of the good.
A) quantity; price; quantity
B) price; quantity; quantity
C) price; quantity; price
D) quantity; price; price
4. If a demand curve shifts to the right, then
A) demand has increased.
B) quantity demanded has increased.
C) demand has decreased.
D) quantity demanded has decreased.
5. Holding everything else constant, an increase in the price of MP3 players will result in
A) a decrease in the quantity of MP3 players supplied.
B) a decrease in the demand for MP3 players.
C) an increase in the supply of MP3 players.
D) a decrease in the quantity of MP3 players demanded.
6. A change in all of the following variables will change the market demand for a product except
A) the price of the product.
B) population and demographics.
C) income.
D) tastes.
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