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5 Written questions

5 Matching questions

  1. complements
  2. socially optimal quantity
  3. sellers surplus
  4. change in the quantity supplied
  5. demand curve
  1. a two goods that are bought and used together
  2. b the difference between the price recived by the seller and his or her reservation price
  3. c The quantity of a good that results in the maximum possible economic surplus from producing and consuming the good.
  4. d a movement along the supply curve that occurs in response to a change in price
  5. e a graph of the relationship between the price of a good and the quantity demanded

5 Multiple choice questions

  1. A change in the quantity supplied of a good or service at every price; a shift of the supply curve to the left or right.
  2. a good for which, other things equal, an increase in income leads to an increase in demand
  3. a good for which, other things equal, an increase in income leads to a decrease in demand
  4. condition that occurs when all goods and services are produced and consumed at their respective socially optimal levels
  5. when quantity demanded is more than quantity supplied

5 True/False questions

  1. substituteswhen consumers react to an increase in a good's price by consuming less of that good and more of other goods

          

  2. change in demandA change in the quantity supplied of a good or service at every price; a shift of the supply curve to the left or right.

          

  3. supply curvea graph of the relationship between the price of a good and the quantity demanded

          

  4. price ceilingwhen quantity demanded is more than quantity supplied

          

  5. change in quantity demandA change in price causes change in the number of items demanded

          

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