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5 Written questions

5 Matching questions

  1. which term describes the combination of supply schedules for all businesses that provide the same good or service
  2. ----is the extra benefits gained from the purchase of a good or service
  3. term that refers to the extent to which a change in a price causes a change in demand
  4. higher----mean higher costs, which cause a decrease in supply
  5. what is the term for the principle that suppliers will normally offer more for sale at higher prices and less at lower prices
  1. a law of supply
  2. b market supply
  3. c utility
  4. d ?demand
  5. e taxes

5 Multiple choice questions

  1. surplus
  2. schedule
  3. govt. regulation
  4. supply curve
  5. elastic

5 True/False questions

  1. term that describes the table that lists the quantities of a product or service over a range of possible pricesdemand schedule

          

  2. demand for a good in a particular market area is related to the number of---- in the areaconsumers

          

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

          

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

          

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

          

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