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5 Written questions

5 Matching questions

  1. a----is the amount by which the quantity demanded is higher than quantity supplied
  2. higher----mean higher costs, which cause a decrease in supply
  3. ----refers to the desire, willingness,and ability to buy a good or service
  4. a product for which quantity changes very little when prices go up or down is said to be supply
  5. a product for which quantity changes a great deal when prices go up or down is said to be supply
  1. a inelastic
  2. b elastic
  3. c shortage
  4. d taxes
  5. e demand

5 Multiple choice questions

  1. elastic
  2. supply curve
  3. inelastic
  4. ?demand
  5. demand curve

5 True/False questions

  1. in general, when---- get tighter, supply is restrictedgovt. regulation


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


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


  4. supply---- measures how the quantity supplied changes in response to price changessupply elasticity


  5. competing products are called---- because consumers can use one i place of the othersubstitutions


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