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5 Written questions

5 Matching questions

  1. surplus
  2. determinants of supply
  3. law of demand
  4. diminishing marginal utility
  5. price celling
  1. a consumers buy more of a good when its price decreases and less when its price increases
  2. b Factors such as input prices, productivity, and the legal-institutional environment that, if they change, shift the aggregate supply curve.
  3. c excess
  4. d the principle that our additional satisfaction, or our marginal utility, tends to go down as more and more units are consumed
  5. e maximum price that can be charged for goods and services, set by the government.

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. Goods for which demand goes up when income is higher and for which demand goes down when income is lower.
  3. goods that can be used to replace the purchase of similar goods when prices rise
  4. floor below which prices are not allowed to fall
  5. 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.

5 True/False questions

  1. equilibrium quantitythe quantity supplied and the quantity demanded at the equilibrium price


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


  3. complementary goodsgoods that are used together with others, usually demanded together. Price of one good goes up, demand for other goes down (gas/motor oil, tuition/textbooks)


  4. equilibrium pricethe price that balances quantity supplied and quantity demanded


  5. demandoffering goods and services for sale


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