3 Written Questions
3 Multiple Choice Questions
- Goods that are in joint demand (they go together) such as cars and petrol.
- Goods that are in competing demand. E.g. when the price of tennis shoes is high, more people will substitute in trainers.
- This is when the market has either excess supply or excess demand.
2 True/False Questions
Market → A market is a meeting place of buyers and sellers for the purpose of exchanging goods or services.
Demand Curve → Shows the quantities of a good that households or consumers plan to purchase at different prices.