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5 Written questions

5 Matching questions

  1. inferior good
  2. shortage
  3. change in supply
  4. complementary goods
  5. change in quantity demanded
  1. a goods 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)
  2. b the property of being an amount by which something is less than expected or required
  3. c 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.
  4. d a good for which, other things equal, an increase in income leads to a decrease in demand
  5. e a movement along the demand curve that occurs in response to a change in price

5 Multiple choice questions

  1. the quantity supplied and the quantity demanded at the equilibrium price
  2. the change in consumption resulting from a change in real income
  3. the principle that our additional satisfaction, or our marginal utility, tends to go down as more and more units are consumed
  4. a table that shows the relationship between the price of a good and the quantity supplied
  5. maximum price that can be charged for goods and services, set by the government.

5 True/False questions

  1. supply curvea graph of the relationship between the price of a good and the quantity supplied

          

  2. law of supplyTendency of suppliers to offer more of a good at a higher price

          

  3. price floormaximum price that can be charged for goods and services, set by the government.

          

  4. determinants of demandFactors such as input prices, productivity, and the legal-institutional environment that, if they change, shift the aggregate supply curve.

          

  5. equilibrium pricethe quantity supplied and the quantity demanded at the equilibrium price

          

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