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5 Written questions

5 Matching questions

  1. change in the quantity supplied
  2. economic efficiency
  3. equilibrium
  4. excess demand
  5. buyer's reservation price
  1. a when quantity demanded is more than quantity supplied
  2. b a sensory system located in structures of the inner ear that registers the orientation of the head
  3. c condition that occurs when all goods and services are produced and consumed at their respective socially optimal levels
  4. d a movement along the supply curve that occurs in response to a change in price
  5. e the largest dollar amount the buyer would be willing to pay for a good

5 Multiple choice questions

  1. the difference between the price recived by the seller and his or her reservation price
  2. a graph of the relationship between the price of a good and the quantity supplied
  3. when quantity supplied is more than quantity demanded
  4. the price that balances quantity supplied and quantity demanded
  5. a maximum price that can be legally charged for a good or service

5 True/False questions

  1. market equilibriuma sensory system located in structures of the inner ear that registers the orientation of the head

          

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

          

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

          

  4. change in supplya 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. equilibrium quantitythe price that balances quantity supplied and quantity demanded