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5 Written questions

4 Multiple choice questions

  1. 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.
  2. Substitutes (goods)as price of substitute decreases, demand for the original item also decreases.
  3. indicates a shift in the entire demand curve to the right or left. (Right-increase.. left-decrease)
  4. a graph showing the quantity demanded at each and every price that might prevail in the market.

4 True/False questions

  1. demand schedulea listing that shows the various quantities demanded of a particular product at all prices that might prevail in the market at a given time


  2. marginal utilitythe power that a good or service has to satisfy a want


  3. Complementsa decrease in the price of a good leads to an increase in the demand for its complementary good.


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


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