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5 Written questions

5 Matching questions

  1. total surplus
  2. supply curve
  3. change in quantity demand
  4. socially optimal quantity
  5. change in demand
  1. a a change in the quantity demanded of a good or service at every price; a shift of the demand curve to the left or right.
  2. b The difference between the buyer's reservation price and the seller's reservation price
  3. c a graph of the relationship between the price of a good and the quantity supplied
  4. d The quantity of a good that results in the maximum possible economic surplus from producing and consuming the good.
  5. e A change in price causes change in the number of items demanded

5 Multiple choice questions

  1. a good for which, other things equal, an increase in income leads to a decrease in demand
  2. two goods that are bought and used together
  3. the smallest amount for which a seller would be willing to sell am additional unit generally equal to the marginal cost
  4. when quantity demanded is more than quantity supplied
  5. the price that balances quantity supplied and quantity demanded

5 True/False questions

  1. substitution effecttwo goods for which an increase in the price of one leads to an increase in the demand for the other

          

  2. change in the quantity suppliedA change in price causes change in the number of items demanded

          

  3. marketthe world of commercial activity where goods and services are bought and sold

          

  4. cash on the tablea change in the quantity demanded of a good or service at every price; a shift of the demand curve to the left or right.

          

  5. price ceilingwhen quantity demanded is more than quantity supplied