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5 Written questions

5 Matching questions

  1. in a product has----demand, price changes have little effect on the quantity demanded
  2. demand for a good in a particular market area is related to the number of---- in the area
  3. ----and demand work together to set prices
  4. ----is the money a business receives for its products
  5. ----items generally have an elastic demand
  1. a expensive
  2. b inelastic
  3. c profit
  4. d supply
  5. e consumers

5 Multiple choice questions

  1. law of supply
  2. demand curve
  3. shortage
  4. price ceiling
  5. compliments

5 True/False questions

  1. higher----mean higher costs, which cause a decrease in supplyexpensive


  2. the---- is the point at which there is neither a surplus or a shortageprofit


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


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


  5. term that refers to the extent to which a change in a price causes a change in demandsupply elasticity


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