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5 Written questions

5 Matching questions

  1. price floor
  2. supply schedule
  3. demand schedule
  4. change in supply
  5. surplus
  1. a a table that shows the relationship between the price of a good and the quantity demanded
  2. b excess
  3. c a table that shows the relationship between the price of a good and the quantity supplied
  4. d floor below which prices are not allowed to fall
  5. e 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 Multiple choice questions

  1. the change in consumption resulting from a change in real income
  2. Tendency of suppliers to offer more of a good at a higher price
  3. a graph of the relationship between the price of a good and the quantity supplied
  4. a good for which, other things equal, an increase in income leads to a decrease in demand
  5. consumers buy more of a good when its price decreases and less when its price increases

5 True/False questions

  1. equilibrium quantitythe price that balances quantity supplied and quantity demanded

          

  2. substitute goodgoods that can be used to replace the purchase of similar goods when prices rise

          

  3. supplyoffering goods and services for sale

          

  4. demandthe ability and desire to purchase goods and services

          

  5. diminishing marginal utilitythe quantity supplied and the quantity demanded at the equilibrium price