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5 Written questions

5 Matching questions

  1. supply schedule
  2. equilibrium quantity
  3. diminishing marginal utility
  4. substitute good
  5. equilibrium price
  1. a a table that shows the relationship between the price of a good and the quantity supplied
  2. b goods that can be used to replace the purchase of similar goods when prices rise
  3. c the quantity supplied and the quantity demanded at the equilibrium price
  4. d the price that balances quantity supplied and quantity demanded
  5. e the principle that our additional satisfaction, or our marginal utility, tends to go down as more and more units are consumed

5 Multiple choice questions

  1. A change in the quantity supplied of a good or service at every price; a shift of the supply curve to the left or right.
  2. factors other than price that determine the quantities demanded of a good or service
  3. the property of being an amount by which something is less than expected or required
  4. the ability and desire to purchase goods and services
  5. when consumers react to an increase in a good's price by consuming less of that good and more of other goods

5 True/False questions

  1. income effectfloor below which prices are not allowed to fall

          

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

          

  3. complementary goodsGoods for which demand goes up when income is higher and for which demand goes down when income is lower.

          

  4. demand schedulea graph of the relationship between the price of a good and the quantity demanded

          

  5. price cellingfloor below which prices are not allowed to fall