5 Written Questions
4 Multiple Choice Questions
- 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
- a decrease in the price of a good leads to an increase in the demand for its complementary good.
- the power that a good or service has to satisfy a want
- 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 True/False Questions
demand → desire to own a product.
marginal utility → amount of additional satisfaction
demand curve → desire to own a product.
Substitutes → Substitutes (goods)as price of substitute decreases, demand for the original item also decreases.