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5 Written questions

4 Multiple choice questions

  1. amount of additional satisfaction
  2. indicates a shift in the entire demand curve to the right or left. (Right-increase.. left-decrease)
  3. if the price of one similar item rises in relation to the price of another, people will substitutes the lower priced item.
  4. indicates movement along the same demand curve to a lower or higher price and quantity demanded.

4 True/False questions

  1. Substitutesthe power that a good or service has to satisfy a want


  2. demanda graph showing the quantity demanded at each and every price that might prevail in the market.


  3. utilityif a price change DOES NOT result in a substantial change in quantity demanded. EX: sugar, milk, salt


  4. inelasticgoods for which the rise or fall in price greatly affects the amount of the product that people are willing to buy/demand.