5 Written Questions

1. amount of satisfaction a person receives from a good or service
2. a graphic representation of a demand schedule
3. demand that is not very sensitive to price changes; a small change in price causes a small change in quantity demanded
4. a measure of how a consumer reacts to a change in price
5. two goods that are bought and used together

5 Multiple Choice Questions

1. goods that are used in place of one another
   1. complements
   2. elastic demand
   3. substitutes
   4. utility
2. a good that consumers demand less of when their income increases
   1. substitutes
   2. normal good
   3. inferior good
   4. demand
3. a good that consumers demand more of when their income increases
   1. demand
   2. inferior good
   3. normal good
   4. complements
4. the amount of money a company receives from selling goods or services; price x quantity
   1. complements
   2. total revenue
   3. demand schedule
   4. normal good
5. the amount of goods and services people are willing and able to purchase at various prices during a specific time period
   1. law of demand
   2. demand curve
   3. utility
   4. demand

5 True/False Questions

1. law of demand → demand that is very sensitive to price changes; a small change in price causes a big change in quantity demanded

   True        False

2. demographics → statistical characteristics of population or population segments

   True        False

3. elastic demand → demand that is very sensitive to price changes; a small change in price causes a big change in quantity demanded

   True        False

4. unitary elasticity → demand whose elasticity is exactly equal to 1

   True        False

5. demand schedule → a graphic representation of a demand schedule

   True        False