5 Written Questions
5 Matching Questions
- demand curve
- supply curve
- equilibrium quantity
- change in supply
- a excess
- b the quantity supplied and the quantity demanded at the equilibrium price
- 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.
- d a graph of the relationship between the price of a good and the quantity demanded
- e a graph of the relationship between the price of a good and the quantity supplied
5 Multiple Choice Questions
- maximum price that can be charged for goods and services, set by the government.
- consumers buy more of a good when its price decreases and less when its price increases
- a good for which, other things equal, an increase in income leads to a decrease in demand
- the ability and desire to purchase goods and services
- the property of being an amount by which something is less than expected or required
5 True/False Questions
supply schedule → a graph of the relationship between the price of a good and the quantity supplied
determinants of demand → Factors such as input prices, productivity, and the legal-institutional environment that, if they change, shift the aggregate supply curve.
determinants of supply → factors other than price that determine the quantities demanded of a good or service
substitute good → goods that can be used to replace the purchase of similar goods when prices rise
supply → excess