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5 Written questions

5 Matching questions

  1. supply curve
  2. excess supply
  3. substitutes
  4. market equilibrium
  5. sellers surplus
  1. a a situation in which quantity demanded equals quantity supplied
  2. b two goods for which an increase in the price of one leads to an increase in the demand for the other
  3. c when quantity supplied is more than quantity demanded
  4. d a graph of the relationship between the price of a good and the quantity supplied
  5. e the difference between the price recived by the seller and his or her reservation price

5 Multiple choice questions

  1. the smallest amount for which a seller would be willing to sell am additional unit generally equal to the marginal cost
  2. a graph of the relationship between the price of a good and the quantity demanded
  3. condition that occurs when all goods and services are produced and consumed at their respective socially optimal levels
  4. when consumers react to an increase in a good's price by consuming less of that good and more of other goods
  5. the price that balances quantity supplied and quantity demanded

5 True/False questions

  1. complementstwo goods that are bought and used together

          

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

          

  3. socially optimal quantitythe quantity supplied and the quantity demanded at the equilibrium price

          

  4. equilibriumthe price that balances quantity supplied and quantity demanded

          

  5. 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.

          

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