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71) Total market demand can be calculated by

A) horizontally summing individual demand curves at each and every price level.

B) vertically summing individual demand curves at each and every income level.

C) adding up the largest quantity demanded by each individual.

D) looking at the changes in the products' popularity.

 

72) The law of demand states that there is

A) an inverse relationship between income and quantity demanded, ceteris paribus.

B) a direct relationship between income and quantity demanded, ceteris paribus.

C) no relationship between taste and quantity demanded, ceteris paribus.

D) an inverse relationship between price and quantity demanded, ceteris paribus.

 

73) The law of demand shows that there is

A) an inverse relationship between price and profit.

B) an inverse relationship between price and resource cost.

C) an inverse relationship between price and quantity demanded.

D) a direct relationship between price and quantity demanded.

74) The demand curve shows the relationship between quantity demanded and

A) income.

B) price.

C) supply.

D) quantity supplied.

 

75) When the price of tablets goes up and fewer tablets are purchased, this is representative of the

A) law of demand.

B) law of supply.

C) law of market operations.

D) law of increasing costs.

 

76) Suppose that the demand curve for apples is downward sloping and the price per bushel increases from $6.50 to $7.50. We would then expect

A) the demand for apples to decrease.

B) the quantity of apples demanded to fall.

C) the demand curve to shift toward the origin.

D) the quantity of apples demanded to increase.

 

77) The law of demand implies that the demand curve

A) has a negative slope.

B) has a positive slope.

C) shifts to the right when the price of a good increases.

D) shifts to the left when the price of a good decreases.

78) A demand curve

A) slopes down because of the inverse relationship between price and quantity demanded.

B) slopes up because of the direct relationship between price and quantity demanded.

C) can slope up or down depending on the tastes of the consumer.

D) is vertical for necessities, upward sloping for luxury goods, and downward sloping for all other goods.

 

79) If Apple's iTunes Music Store increases its "fee" for its music downloads, the law of demand predicts that

A) the number of iTunes music downloads would increase.

B) there would be no change in the demand for iTunes music downloads.

C) the number of iTunes music downloads would decrease.

D) iTunes music supply would change but demand would not.

 

80) Which of the following will occur as the price of a good decreases?

A) The demand curve for that good will shift to the left.

B) The demand curve for that good will shift to the right.

C) The quantity demanded for that good will increase.

D) Demand for that good will increase.

 

 

 

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