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3 Written Questions

3 Multiple Choice Questions

  1. the branch of economics that studies the economy of consumers or households or individual firms
  2. goods that can be used in place of other goods (Colgate/Crest, Toyota/Honda)
  3. 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

3 True/False Questions

  1. product marketthe point at which quantity demanded and quantity supplied are equal

          

  2. equilibriuma market in which products are sold by firms and bought by households

          

  3. price elasticitya market in which products are sold by firms and bought by households

          

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