5 Written Questions
4 Multiple Choice Questions
- if the price of one similar item rises in relation to the price of another, people will substitutes the lower priced item.
- desire to own a product.
- indicates a shift in the entire demand curve to the right or left. (Right-increase.. left-decrease)
- 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
inelastic → if a price change DOES NOT result in a substantial change in quantity demanded. EX: sugar, milk, salt
utility → desire to own a product.
Substitutes → the power that a good or service has to satisfy a want
Complements → desire to own a product.