5 Written questions
4 Multiple choice questions
- amount of additional satisfaction
- a decrease in the price of a good leads to an increase in the demand for its complementary good.
- goods for which the rise or fall in price greatly affects the amount of the product that people are willing to buy/demand.
- 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.
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.
demand curve → a graph showing the quantity demanded at each and every price that might prevail in the market.
inelastic → if a price change DOES NOT result in a substantial change in quantity demanded. EX: sugar, milk, salt