5 Written Questions

1. the price that matches the quantity supplied and the quantity demanded
2. a good that is used to produce another good
3. change in the quantity demanded of a good that is the result from a change in that good's price
4. change in the quantity demanded at any given price
5. P.I.T.E. (change in prices of related goods, change in income, change in tastes and expectations

5 Matching Questions

1. supply curve
2. movement along the supply curve
3. competitive market
4. demand curve
5. law of demand

1. a market in which there are many buyers and sellers of the same good or service
2. b graphical representation of the demand schedule
3. c a higher price for a good leads people to demand a smaller quantity of the good
4. d change in the quantity supplied of a good that is the result of a change in that good's price
5. e shows graphically how much of a good or service people are willing to sell at any given price

5 Multiple Choice Questions

1. quantity supplied exceeds the quantity demanded, occur when price is above equilibrium
   1. input
   2. supply curve
   3. surplus
   4. shortage
2. model of how a competitive market works
   1. law of demand
   2. supply schedule
   3. supply and demand model
   4. quantity demanded
3. rise in income= less demand for good
   1. inferior good
   2. shortage
   3. input
   4. normal good
4. the actual amount consumers are willing to buy at some specific price
   1. quantity demanded
   2. law of demand
   3. competitive market
   4. quantity supplied
5. the quantity bought and sold at the equilibrium price
   1. quantity demanded
   2. inferior good
   3. equilibrium quantity
   4. quantity supplied

5 True/False Questions

1. quantity supplied → the actual amount consumers are willing to buy at some specific price

   True        False

2. 3 factors that shift supply curve → P.I.T.E. (change in prices of related goods, change in income, change in tastes and expectations

   True        False

3. shift of the supply curve → change in the quantity supplied of a good or service at any given price

   True        False

4. complements → when a fall in the price of one good makes people MORE willing to buy another good, ex: sport tickets and parking in stadium garage

   True        False

5. substitutes → quantity supplied exceeds the quantity demanded, occur when price is above equilibrium

   True        False