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5 Written questions

5 Matching questions

  1. supply
  2. change in quantity demanded
  3. complementary goods
  4. determinants of supply
  5. supply curve
  1. a Factors such as input prices, productivity, and the legal-institutional environment that, if they change, shift the aggregate supply curve.
  2. b a graph of the relationship between the price of a good and the quantity supplied
  3. c offering goods and services for sale
  4. d a movement along the demand curve that occurs in response to a change in price
  5. e 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)

5 Multiple choice questions

  1. the price that balances quantity supplied and quantity demanded
  2. a good for which, other things equal, an increase in income leads to a decrease in demand
  3. a table that shows the relationship between the price of a good and the quantity demanded
  4. Tendency of suppliers to offer more of a good at a higher price
  5. the quantity supplied and the quantity demanded at the equilibrium price

5 True/False questions

  1. shortagethe property of being an amount by which something is less than expected or required

          

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

          

  3. supply schedulea table that shows the relationship between the price of a good and the quantity supplied

          

  4. surplusoffering goods and services for sale

          

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

          

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