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5 Written questions

4 Multiple choice questions

  1. a graph showing the quantity demanded at each and every price that might prevail in the market.
  2. if the price of one similar item rises in relation to the price of another, people will substitutes the lower priced item.
  3. the power that a good or service has to satisfy a want
  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. inelasticgoods for which the rise or fall in price greatly affects the amount of the product that people are willing to buy/demand.

          

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

          

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