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5 Written questions

4 Multiple choice questions

  1. the power that a good or service has to satisfy a want
  2. 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
  3. 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.
  4. if the price of one similar item rises in relation to the price of another, people will substitutes the lower priced item.

4 True/False questions

  1. Complementsdesire to own a product.

          

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

          

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

          

  4. marginal utilityamount of additional satisfaction

          

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