5 Written Questions
4 Multiple Choice Questions
- goods for which the rise or fall in price greatly affects the amount of the product that people are willing to buy/demand.
- indicates movement along the same demand curve to a lower or higher price and quantity demanded.
- desire to own a product.
- amount of additional satisfaction
4 True/False Questions
Change in demand → indicates a shift in the entire demand curve to the right or left. (Right-increase.. left-decrease)
utility → Substitutes (goods)as price of substitute decreases, demand for the original item also decreases.
Substitutes → if the price of one similar item rises in relation to the price of another, people will substitutes the lower priced item.
demand schedule → a graph showing the quantity demanded at each and every price that might prevail in the market.