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5 Written questions

5 Matching questions

  1. inferior good
  2. substitution effect
  3. determinants of demand
  4. income effect
  5. equilibrium quantity
  1. a a good for which, other things equal, an increase in income leads to a decrease in demand
  2. b the quantity supplied and the quantity demanded at the equilibrium price
  3. c factors other than price that determine the quantities demanded of a good or service
  4. d when consumers react to an increase in a good's price by consuming less of that good and more of other goods
  5. e the change in consumption resulting from a change in real income

5 Multiple choice questions

  1. goods that can be used to replace the purchase of similar goods when prices rise
  2. the price that balances quantity supplied and quantity demanded
  3. maximum price that can be charged for goods and services, set by the government.
  4. a table that shows the relationship between the price of a good and the quantity supplied
  5. the property of being an amount by which something is less than expected or required

5 True/False questions

  1. price floorfloor below which prices are not allowed to fall

          

  2. supply curvea table that shows the relationship between the price of a good and the quantity supplied

          

  3. determinants of supplyfactors other than price that determine the quantities demanded of a good or service

          

  4. normal goodsGoods for which demand goes up when income is higher and for which demand goes down when income is lower.

          

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

          

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