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5 Written questions

5 Matching questions

  1. term that refers to the extent to which a change in a price causes a change in demand
  2. higher----mean higher costs, which cause a decrease in supply
  3. demand for a good in a particular market area is related to the number of---- in the area
  4. demand is---- when a change in price causes a relatively larger change is quantity demanded
  5. ----items generally have an elastic demand
  1. a consumers
  2. b taxes
  3. c elastic
  4. d ?demand
  5. e expensive

5 Multiple choice questions

  1. diminishing marginal
  2. price
  3. law of demand
  4. market supply
  5. compliments

5 True/False questions

  1. a----is the amount by which the quantity supplied is higher than the quantity demandedshortage


  2. what is the term for a government payment to an individual business or other group for certain actionslaw of supply


  3. a product for which quantity changes very little when prices go up or down is said to be supplyinelastic


  4. competing products are called---- because consumers can use one i place of the othercompliments


  5. a----is a graph showing the quantities supplied at each possible priceschedule


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