5 Written questions
4 Multiple choice questions
- amount of additional satisfaction
- indicates a shift in the entire demand curve to the right or left. (Right-increase.. left-decrease)
- if the price of one similar item rises in relation to the price of another, people will substitutes the lower priced item.
- indicates movement along the same demand curve to a lower or higher price and quantity demanded.
4 True/False questions
Substitutes → the power that a good or service has to satisfy a want
demand → a graph showing the quantity demanded at each and every price that might prevail in the market.
utility → if a price change DOES NOT result in a substantial change in quantity demanded. EX: sugar, milk, salt
inelastic → goods for which the rise or fall in price greatly affects the amount of the product that people are willing to buy/demand.