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5 Written questions

5 Matching questions

  1. a----demand curve is a graph that lists prices on the vertical axis and quantities on the horizontal axis
  2. term that refers to the extent to which a change in a price causes a change in demand
  3. supply---- measures how the quantity supplied changes in response to price changes
  4. a product for which quantity changes a great deal when prices go up or down is said to be supply
  5. higher----mean higher costs, which cause a decrease in supply
  1. a elastic
  2. b supply elasticity
  3. c ?demand
  4. d taxes
  5. e demand curve

5 Multiple choice questions

  1. demand
  2. consumers
  3. inelastic
  4. price floor
  5. compliments

5 True/False questions

  1. which term refers to the government-set maximum price that can be charged for goods and servicesprice ceiling


  2. in a product has----demand, price changes have little effect on the quantity demandedinelastic


  3. ----utility is the principle that additional satisfaction decreases as more units are consumedprofit


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


  5. which term describes the combination of supply schedules for all businesses that provide the same good or servicemarket supply


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