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5 Written questions

4 Matching questions

  1. a product for which quantity changes very little when prices go up or down is said to be supply
  2. companies are interested int eh----, or the total demand of all consumers for theur product of service
  3. demand is---- when a change in price causes a relatively larger change is quantity demanded
  4. some products are ----, meaning that they are used together
  1. a elastic
  2. b inelastic
  3. c compliments
  4. d market demand

5 Multiple choice questions

  1. supply
  2. law of demand
  3. price floor
  4. productivity
  5. price ceiling

5 True/False questions

  1. a----is the amount by which the quantity demanded is higher than quantity suppliedsurplus


  2. a product for which quantity changes a great deal when prices go up or down is said to be supplyelastic


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


  4. a----demand curve is a graph that lists prices on the vertical axis and quantities on the horizontal axisprice


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


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