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5 Written questions

4 Multiple choice questions

  1. a listing that shows the various quantities demanded of a particular product at all prices that might prevail in the market at a given time
  2. the power that a good or service has to satisfy a want
  3. Substitutes (goods)as price of substitute decreases, demand for the original item also decreases.
  4. if a price change DOES NOT result in a substantial change in quantity demanded. EX: sugar, milk, salt

4 True/False questions

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

          

  2. Substitute effectif the price of one similar item rises in relation to the price of another, people will substitutes the lower priced item.

          

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

          

  4. 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.