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of 13 available terms

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5 Written Questions

4 Multiple Choice Questions

  1. if the price of one similar item rises in relation to the price of another, people will substitutes the lower priced item.
  2. desire to own a product.
  3. indicates a shift in the entire demand curve to the right or left. (Right-increase.. left-decrease)
  4. goods for which the rise or fall in price greatly affects the amount of the product that people are willing to buy/demand.

4 True/False Questions

  1. inelasticif a price change DOES NOT result in a substantial change in quantity demanded. EX: sugar, milk, salt

          

  2. utilitydesire to own a product.

          

  3. Substitutesthe power that a good or service has to satisfy a want

          

  4. Complementsdesire to own a product.

          

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