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5 Written questions

5 Matching questions

  1. equilibrium quantity
  2. substitution effect
  3. substitute good
  4. supply schedule
  5. supply
  1. a goods that can be used to replace the purchase of similar goods when prices rise
  2. b when consumers react to an increase in a good's price by consuming less of that good and more of other goods
  3. c offering goods and services for sale
  4. d a table that shows the relationship between the price of a good and the quantity supplied
  5. e the quantity supplied and the quantity demanded at the equilibrium price

5 Multiple choice questions

  1. a graph of the relationship between the price of a good and the quantity supplied
  2. a table that shows the relationship between the price of a good and the quantity demanded
  3. Goods for which demand goes up when income is higher and for which demand goes down when income is lower.
  4. the principle that our additional satisfaction, or our marginal utility, tends to go down as more and more units are consumed
  5. a graph of the relationship between the price of a good and the quantity demanded

5 True/False questions

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

          

  2. complementary goodsGoods for which demand goes up when income is higher and for which demand goes down when income is lower.

          

  3. change in quantity demandeda movement along the demand curve that occurs in response to a change in price

          

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

          

  5. surplusoffering goods and services for sale

          

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