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5 Written questions

5 Matching questions

  1. sellers surplus
  2. selller's reservation price
  3. equilibrium
  4. excess supply
  5. change in quantity demand
  1. a the smallest amount for which a seller would be willing to sell am additional unit generally equal to the marginal cost
  2. b the difference between the price recived by the seller and his or her reservation price
  3. c when quantity supplied is more than quantity demanded
  4. d a sensory system located in structures of the inner ear that registers the orientation of the head
  5. e A change in price causes change in the number of items demanded

5 Multiple choice questions

  1. The quantity of a good that results in the maximum possible economic surplus from producing and consuming the good.
  2. a maximum price that can be legally charged for a good or service
  3. a good for which, other things equal, an increase in income leads to a decrease in demand
  4. a graph of the relationship between the price of a good and the quantity supplied
  5. two goods for which an increase in the price of one leads to an increase in the demand for the other

5 True/False questions

  1. demand curvea graph of the relationship between the price of a good and the quantity supplied

          

  2. normal gooda good for which, other things equal, an increase in income leads to a decrease in demand

          

  3. market equilibriuma situation in which quantity demanded equals quantity supplied

          

  4. 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.

          

  5. buyer's reservation pricethe largest dollar amount the buyer would be willing to pay for a good