5 Written questions
4 Multiple choice questions
- 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.
- Substitutes (goods)as price of substitute decreases, demand for the original item also decreases.
- indicates a shift in the entire demand curve to the right or left. (Right-increase.. left-decrease)
- a graph showing the quantity demanded at each and every price that might prevail in the market.
4 True/False questions
demand schedule → 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
marginal utility → the power that a good or service has to satisfy a want
Complements → a decrease in the price of a good leads to an increase in the demand for its complementary good.
inelastic → if a price change DOES NOT result in a substantial change in quantity demanded. EX: sugar, milk, salt