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5 Written Questions

5 Matching Questions

  1. complements
  2. inferior good
  3. buyer's reservation price
  4. substitutes
  5. equilibrium quantity
  1. a two goods that are bought and used together
  2. b a good for which, other things equal, an increase in income leads to a decrease in demand
  3. c the largest dollar amount the buyer would be willing to pay for a good
  4. d the quantity supplied and the quantity demanded at the equilibrium price
  5. e two goods for which an increase in the price of one leads to an increase in the demand for the other

5 Multiple Choice Questions

  1. a good for which, other things equal, an increase in income leads to an increase in demand
  2. 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. The difference between the buyer's reservation price and the seller's reservation price
  4. The quantity of a good that results in the maximum possible economic surplus from producing and consuming the good.
  5. the ratio of the output to the input of any system

5 True/False Questions

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

          

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

          

  3. excess demandwhen quantity demanded is more than quantity supplied

          

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

          

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

          

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