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5 Written questions

4 Multiple choice questions

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

4 True/False questions

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

          

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

          

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

          

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