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5 Written questions

5 Matching questions

  1. ----utility is the principle that additional satisfaction decreases as more units are consumed
  2. the---- is the point at which there is neither a surplus or a shortage
  3. ----is the extra benefits gained from the purchase of a good or service
  4. a----is the amount by which the quantity demanded is higher than quantity supplied
  5. a product for which quantity changes a great deal when prices go up or down is said to be supply
  1. a shortage
  2. b equilibrium price
  3. c utility
  4. d diminishing marginal
  5. e elastic

5 Multiple choice questions

  1. price ceiling
  2. supply
  3. inelastic
  4. supply curve
  5. expensive

5 True/False questions

  1. higher----mean higher costs, which cause a decrease in supplyexpensive


  2. a----is a table showing quantities supplied at different possible pricessupply curve


  3. a----is a government minimum price that can be charged for goods and servicesprice floor


  4. ----refers to the desire, willingness,and ability to buy a good or servicedemand


  5. what is the term for the principle that suppliers will normally offer more for sale at higher prices and less at lower priceslaw of supply