5 Written questions
4 Multiple choice questions
- desire to own a product.
- a decrease in the price of a good leads to an increase in the demand for its complementary good.
- indicates movement along the same demand curve to a lower or higher price and quantity demanded.
- 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
marginal utility → the power that a good or service has to satisfy a want
Substitute effect → if the price of one similar item rises in relation to the price of another, people will substitutes the lower priced item.
inelastic → if a price change DOES NOT result in a substantial change in quantity demanded. EX: sugar, milk, salt
demand curve → a graph showing the quantity demanded at each and every price that might prevail in the market.