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of 34 available terms

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5 Written Questions

5 Matching Questions

  1. supply---- measures how the quantity supplied changes in response to price changes
  2. a product for which quantity changes very little when prices go up or down is said to be supply
  3. ----is the extra benefits gained from the purchase of a good or service
  4. ----utility is the principle that additional satisfaction decreases as more units are consumed
  5. a----demand curve is a graph that lists prices on the vertical axis and quantities on the horizontal axis
  1. a supply elasticity
  2. b diminishing marginal
  3. c demand curve
  4. d inelastic
  5. e utility

5 Multiple Choice Questions

  1. profit
  2. market supply
  3. consumers
  4. equilibrium price
  5. elastic

5 True/False Questions

  1. ----is the degree to which recourses are used efficiently to produce goods and servicesproductivity


  2. demand is---- when a change in price causes a relatively larger change is quantity demandedinelastic


  3. term that describes the table that lists the quantities of a product or service over a range of possible pricessupply


  4. ----items generally have an elastic demandexpensive


  5. what is the term for the principle that suppliers will normally offer more for sale at higher prices and less at lower priceslaw of supply


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