NAME: ________________________

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of 13 available terms

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5 Written Questions

4 Multiple Choice Questions

  1. a 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. indicates movement along the same demand curve to a lower or higher price and quantity demanded.
  3. goods for which the rise or fall in price greatly affects the amount of the product that people are willing to buy/demand.
  4. the power that a good or service has to satisfy a want

4 True/False Questions

  1. demanda graph showing the quantity demanded at each and every price that might prevail in the market.

          

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

          

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

          

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

          

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