5 Written questions
4 Multiple choice questions
- amount of additional satisfaction
- if a price change DOES NOT result in a substantial change in quantity demanded. EX: sugar, milk, salt
- Substitutes (goods)as price of substitute decreases, demand for the original item also decreases.
- desire to own a product.
4 True/False questions
demand schedule → a graph showing the quantity demanded at each and every price that might prevail in the market.
Complements → a decrease in the price of a good leads to an increase in the demand for its complementary good.
Change in demand → as 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.
Elastic → if a price change DOES NOT result in a substantial change in quantity demanded. EX: sugar, milk, salt