Supply And Demand: Question Preview (ID: 19857)

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Which is the best example of complement goods.
a) Sponges and dish soap
b) Umbrellas and shoes
c) Paper and cell phones
d) Shirts and candy

Best example of substitute goods
a) Pens and pencils
b) Water and snacks
c) Belts and notebooks
d) Trash cans and coke

Used paper company has newer, efficient printers. What non price factor is this?
a) Complement goods
b) Trends
c) Technology
d) Substitute goods

Monica is willing to pay more for water on a hot summer day, compare to a cold day. What is this an example of?
a) Supply
b) Price point
c) Demand Schedule
d) Non-Price factor

The price of gas goes up, demand stays the same. Is the demand elastic or inelastic?
a) Elastic
b) Inelastic
c) Chuck Norris
d) Space cats

Which of these best explains law of demand.
a) As prices go up, demand goes up
b) As prices go up, demand goes down
c) As demand goes up, prices go up
d) As demand goes down, prices go down

What is the relationship between supply and price
a) Inverse
b) Elastic
c) Inelastic
d) Direct

Summer is comiing up, swimsuit purchases are increasing. What non price factor is this?
a) Number of buyers
b) Seasons
c) Complement goods
d) Expectations

Nike produces too many pairs of shoes for the year. What would this cause?
a) Surplus
b) Shortage
c) Supply
d) Demand

What is the answer to this question?
a) A
b) B
c) Chuck Norris
d) D

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