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5 Written questions

5 Matching questions

  1. socially optimal quantity
  2. market equilibrium
  3. equilibrium quantity
  4. inferior good
  5. equilibrium
  1. a The quantity of a good that results in the maximum possible economic surplus from producing and consuming the good.
  2. b a situation in which quantity demanded equals quantity supplied
  3. c the quantity supplied and the quantity demanded at the equilibrium price
  4. d a sensory system located in structures of the inner ear that registers the orientation of the head
  5. e a good for which, other things equal, an increase in income leads to a decrease in demand

5 Multiple choice questions

  1. the largest dollar amount the buyer would be willing to pay for a good
  2. the difference between the price recived by the seller and his or her reservation price
  3. two goods that are bought and used together
  4. economic metaphor for unexploited gains from exchange
  5. a graph of the relationship between the price of a good and the quantity supplied

5 True/False questions

  1. total surplusthe differnce between the buyers reservation price and the pice he or she actually pays


  2. change in demanda change in the quantity demanded of a good or service at every price; a shift of the demand curve to the left or right.


  3. price ceilingwhen quantity demanded is more than quantity supplied


  4. change in the quantity supplieda movement along the supply curve that occurs in response to a change in price


  5. economic efficiencycondition that occurs when all goods and services are produced and consumed at their respective socially optimal levels


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