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5 Written questions

5 Matching questions

  1. equilibrium quantity
  2. excess demand
  3. efficiency
  4. substitution effect
  5. demand curve
  1. a the quantity supplied and the quantity demanded at the equilibrium price
  2. b when consumers react to an increase in a good's price by consuming less of that good and more of other goods
  3. c the ratio of the output to the input of any system
  4. d when quantity demanded is more than quantity supplied
  5. e a graph of the relationship between the price of a good and the quantity demanded

5 Multiple choice questions

  1. a situation in which quantity demanded equals quantity supplied
  2. a graph of the relationship between the price of a good and the quantity supplied
  3. a change in the quantity demanded of a good or service at every price; a shift of the demand curve to the left or right.
  4. a movement along the supply curve that occurs in response to a change in price
  5. when quantity supplied is more than quantity demanded

5 True/False questions

  1. buyer's reservation pricethe smallest amount for which a seller would be willing to sell am additional unit generally equal to the marginal cost

          

  2. price ceilinga maximum price that can be legally charged for a good or service

          

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

          

  4. economic efficiencycondition that occurs when all goods and services are produced and consumed at their respective socially optimal levels

          

  5. equilibriumthe price that balances quantity supplied and quantity demanded

          

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