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5 Written questions

4 Multiple choice questions

  1. desire to own a product.
  2. a decrease in the price of a good leads to an increase in the demand for its complementary good.
  3. indicates movement along the same demand curve to a lower or higher price and quantity demanded.
  4. 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

4 True/False questions

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

          

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

          

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

          

  4. demand curvea graph showing the quantity demanded at each and every price that might prevail in the market.

          

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