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5 Written Questions

5 Matching Questions

  1. fixed cost
  2. inelastic
  3. market failure
  4. Christy Haubegger
  5. total cost
  1. a fixed costs plus variable costs
  2. b a situation in which the market does not distribute resources efficiently
  3. c a cost that does not change, no matter how much of a good is produced
  4. d describes demand that is not very sensitive to a change in price
  5. e founder of Latina Magazine in 1996

5 Multiple Choice Questions

  1. a government payment that supports a business or market
  2. a factor that can change
  3. Describes demand that is very sensitive to a change in price
  4. a graphic representation of a demand schedule
  5. the amount of goods available

5 True/False Questions

  1. poverty thresholdAn income level below that which is needed to support families or households

          

  2. substitutesgoods used in place of one another

          

  3. competitionTwo goods that are bought and used together

          

  4. business cyclea graphic representation of a demand schedule

          

  5. demandthe desire to own something and the ability to pay for it.

          

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