5 Written questions
4 Multiple choice questions
- a graph showing the quantity demanded at each and every price that might prevail in the market.
- if a price change DOES NOT result in a substantial change in quantity demanded. EX: sugar, milk, salt
- a decrease in the price of a good leads to an increase in the demand for its complementary good.
- indicates a shift in the entire demand curve to the right or left. (Right-increase.. left-decrease)
4 True/False questions
marginal utility → the power that a good or service has to satisfy a want
law of demand → desire to own a product.
Change in quantity demanded → indicates movement along the same demand curve to a lower or higher price and quantity demanded.
utility → if a price change DOES NOT result in a substantial change in quantity demanded. EX: sugar, milk, salt