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3 Written questions

3 Multiple choice questions

  1. to rely on others, and others rely on them, to provide the goods and services that we consume, a reliance on others, as they rely on you, to provide goods and services to be consumed
  2. A measure of the sensitivity of demand to changes in price
  3. the price at which the amount supplied is equal to the amount demanded

3 True/False questions

  1. equilibriumthe point at which quantity demanded and quantity supplied are equal

          

  2. microeconomicsA measure of the sensitivity of demand to changes in price

          

  3. substitute goodsgoods that can be used in place of other goods (Colgate/Crest, Toyota/Honda)

          

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