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5 Written Questions

5 Matching Questions

  1. change in demand
  2. change in supply
  3. income effect
  4. economic efficiency
  5. buyers surplus
  1. a 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. b 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.
  3. c the change in consumption resulting from a change in real income
  4. d condition that occurs when all goods and services are produced and consumed at their respective socially optimal levels
  5. e the differnce between the buyers reservation price and the pice he or she actually pays

5 Multiple Choice Questions

  1. when consumers react to an increase in a good's price by consuming less of that good and more of other goods
  2. the difference between the price recived by the seller and his or her reservation price
  3. a good for which, other things equal, an increase in income leads to an increase in demand
  4. the ratio of the output to the input of any system
  5. a good for which, other things equal, an increase in income leads to a decrease in demand

5 True/False Questions

  1. market equilibriuma situation in which quantity demanded equals quantity supplied

          

  2. change in quantity 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.

          

  3. excess supplywhen quantity supplied is more than quantity demanded

          

  4. markettwo goods that are bought and used together

          

  5. selller's reservation pricethe largest dollar amount the buyer would be willing to pay for a good

          

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