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5 Written questions

5 Matching questions

  1. determinants of demand
  2. demand schedule
  3. change in quantity demanded
  4. normal goods
  5. diminishing marginal utility
  1. a a table that shows the relationship between the price of a good and the quantity demanded
  2. b the principle that our additional satisfaction, or our marginal utility, tends to go down as more and more units are consumed
  3. c factors other than price that determine the quantities demanded of a good or service
  4. d Goods for which demand goes up when income is higher and for which demand goes down when income is lower.
  5. e a movement along the demand curve that occurs in response to a change in price

5 Multiple choice questions

  1. excess
  2. offering goods and services for sale
  3. consumers buy more of a good when its price decreases and less when its price increases
  4. 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.
  5. the quantity supplied and the quantity demanded at the equilibrium price

5 True/False questions

  1. substitution effectwhen consumers react to an increase in a good's price by consuming less of that good and more of other goods

          

  2. shortagethe property of being an amount by which something is less than expected or required

          

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

          

  4. supply schedulea graph of the relationship between the price of a good and the quantity supplied

          

  5. supply curvea graph of the relationship between the price of a good and the quantity supplied

          

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