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5 Written questions

4 Multiple choice questions

  1. amount of additional satisfaction
  2. indicates a shift in the entire demand curve to the right or left. (Right-increase.. left-decrease)
  3. a decrease in the price of a good leads to an increase in the demand for its complementary good.
  4. indicates movement along the same demand curve to a lower or higher price and quantity demanded.

4 True/False questions

  1. Substitute effectif the price of one similar item rises in relation to the price of another, people will substitutes the lower priced item.


  2. demand schedulea graph showing the quantity demanded at each and every price that might prevail in the market.


  3. law of demandas 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.


  4. demandgoods for which the rise or fall in price greatly affects the amount of the product that people are willing to buy/demand.


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