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5 Written questions

5 Matching questions

  1. change in the quantity supplied
  2. excess demand
  3. market
  4. economic efficiency
  5. efficiency
  1. a the ratio of the output to the input of any system
  2. b the world of commercial activity where goods and services are bought and sold
  3. c condition that occurs when all goods and services are produced and consumed at their respective socially optimal levels
  4. d a movement along the supply curve that occurs in response to a change in price
  5. e when quantity demanded is more than quantity supplied

5 Multiple choice questions

  1. a graph of the relationship between the price of a good and the quantity supplied
  2. a sensory system located in structures of the inner ear that registers the orientation of the head
  3. two goods that are bought and used together
  4. The difference between the buyer's reservation price and the seller's reservation price
  5. the smallest amount for which a seller would be willing to sell am additional unit generally equal to the marginal cost

5 True/False questions

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

          

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

          

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

          

  4. normal gooda good for which, other things equal, an increase in income leads to a decrease in demand

          

  5. change in demanda change in the quantity demanded of a good or service at every price; a shift of the demand curve to the left or right.

          

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