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5 Written questions

5 Matching questions

  1. law of demand
  2. change in quantity demanded
  3. law of supply
  4. supply curve
  5. shortage
  1. a consumers buy more of a good when its price decreases and less when its price increases
  2. b the property of being an amount by which something is less than expected or required
  3. c a movement along the demand curve that occurs in response to a change in price
  4. d a graph of the relationship between the price of a good and the quantity supplied
  5. e Tendency of suppliers to offer more of a good at a higher price

5 Multiple choice questions

  1. goods that can be used to replace the purchase of similar goods when prices rise
  2. a table that shows the relationship between the price of a good and the quantity demanded
  3. when consumers react to an increase in a good's price by consuming less of that good and more of other goods
  4. the ability and desire to purchase goods and services
  5. a table that shows the relationship between the price of a good and the quantity supplied

5 True/False questions

  1. change in supplyTendency of suppliers to offer more of a good at a higher price

          

  2. equilibrium quantitythe price that balances quantity supplied and quantity demanded

          

  3. diminishing marginal utilitythe quantity supplied and the quantity demanded at the equilibrium price

          

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

          

  5. price cellingmaximum price that can be charged for goods and services, set by the government.

          

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