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5 Written questions

4 Multiple choice questions

  1. goods for which the rise or fall in price greatly affects the amount of the product that people are willing to buy/demand.
  2. amount of additional satisfaction
  3. desire to own a product.
  4. if a price change DOES NOT result in a substantial change in quantity demanded. EX: sugar, milk, salt

4 True/False questions

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

          

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

          

  3. 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.

          

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