NAME: ________________________

Question Types


Start With


Question Limit

of 29 available terms

Upgrade to
remove ads

5 Written Questions

5 Matching Questions

  1. excess supply
  2. equilibrium
  3. efficiency
  4. substitutes
  5. selller's reservation price
  1. a two goods for which an increase in the price of one leads to an increase in the demand for the other
  2. b when quantity supplied is more than quantity demanded
  3. c the ratio of the output to the input of any system
  4. d a sensory system located in structures of the inner ear that registers the orientation of the head
  5. e the smallest amount for which a seller would be willing to sell am additional unit generally equal to the marginal cost

5 Multiple Choice Questions

  1. the change in consumption resulting from a change in real income
  2. a maximum price that can be legally charged for a good or service
  3. the world of commercial activity where goods and services are bought and sold
  4. a graph of the relationship between the price of a good and the quantity demanded
  5. economic metaphor for unexploited gains from exchange

5 True/False Questions

  1. complementsthe change in consumption resulting from a change in real income

          

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

          

  3. market equilibriuma sensory system located in structures of the inner ear that registers the orientation of the head

          

  4. 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.

          

  5. socially optimal quantityThe quantity of a good that results in the maximum possible economic surplus from producing and consuming the good.

          

Create Set