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5 Written questions

4 Multiple choice questions

  1. desire to own a product.
  2. indicates movement along the same demand curve to a lower or higher price and quantity demanded.
  3. indicates a shift in the entire demand curve to the right or left. (Right-increase.. left-decrease)
  4. if a price change DOES NOT result in a substantial change in quantity demanded. EX: sugar, milk, salt

4 True/False questions

  1. SubstitutesSubstitutes (goods)as price of substitute decreases, demand for the original item also decreases.

          

  2. law of demandas 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.

          

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

          

  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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