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5 Written questions

4 Multiple choice questions

  1. amount of additional satisfaction
  2. if a price change DOES NOT result in a substantial change in quantity demanded. EX: sugar, milk, salt
  3. Substitutes (goods)as price of substitute decreases, demand for the original item also decreases.
  4. desire to own a product.

4 True/False questions

  1. demand schedulea graph showing the quantity demanded at each and every price that might prevail in the market.

          

  2. Complementsa decrease in the price of a good leads to an increase in the demand for its complementary good.

          

  3. Change in demandas the price of a good or service falls, a larger quantity will be bought; as the price of the good or service rises a smaller quantity will be bought.

          

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