5 Written questions
4 Multiple choice questions
- the power that a good or service has to satisfy a want
- a listing that shows the various quantities demanded of a particular product at all prices that might prevail in the market at a given time
- as the price of a good or service falls, a larger quantity will be bought; as the price of the good or service rises a smaller quantity will be bought.
- if the price of one similar item rises in relation to the price of another, people will substitutes the lower priced item.
4 True/False questions
Complements → desire to own a product.
demand → a graph showing the quantity demanded at each and every price that might prevail in the market.
inelastic → if a price change DOES NOT result in a substantial change in quantity demanded. EX: sugar, milk, salt
marginal utility → amount of additional satisfaction