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5 Written questions

5 Matching questions

  1. economic efficiency
  2. selller's reservation price
  3. complements
  4. excess supply
  5. excess demand
  1. a condition that occurs when all goods and services are produced and consumed at their respective socially optimal levels
  2. b the smallest amount for which a seller would be willing to sell am additional unit generally equal to the marginal cost
  3. c when quantity supplied is more than quantity demanded
  4. d when quantity demanded is more than quantity supplied
  5. e two goods that are bought and used together

5 Multiple choice questions

  1. the price that balances quantity supplied and quantity demanded
  2. a graph of the relationship between the price of a good and the quantity demanded
  3. a good for which, other things equal, an increase in income leads to an increase in demand
  4. a good for which, other things equal, an increase in income leads to a decrease in demand
  5. the world of commercial activity where goods and services are bought and sold

5 True/False questions

  1. buyers surplusthe differnce between the buyers reservation price and the pice he or she actually pays

          

  2. sellers surplusthe difference between the price recived by the seller and his or her reservation price

          

  3. equilibriumthe price that balances quantity supplied and quantity demanded

          

  4. socially optimal quantitythe quantity supplied and the quantity demanded at the equilibrium price

          

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

          

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