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5 Written questions

5 Matching questions

  1. a----is the amount by which the quantity supplied is higher than the quantity demanded
  2. which term describes the combination of supply schedules for all businesses that provide the same good or service
  3. according to the--- quantity demanded and price move in opposite directions
  4. what is the term for the principle that suppliers will normally offer more for sale at higher prices and less at lower prices
  5. ----refers to the desire, willingness,and ability to buy a good or service
  1. a demand
  2. b market supply
  3. c surplus
  4. d law of supply
  5. e law of demand

5 Multiple choice questions

  1. utility
  2. inelastic
  3. subsity
  4. govt. regulation
  5. expensive

5 True/False questions

  1. supply---- measures how the quantity supplied changes in response to price changessupply elasticity


  2. ----helps answer what to produce how to produce it and for whom to produce forprofit


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


  4. a----demand curve is a graph that lists prices on the vertical axis and quantities on the horizontal axisprice floor


  5. a----is the amount by which the quantity demanded is higher than quantity suppliedshortage