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5 Written questions

4 Multiple choice questions

  1. a listing that shows the various quantities demanded of a particular product at all prices that might prevail in the market at a given time
  2. indicates movement along the same demand curve to a lower or higher price and quantity demanded.
  3. 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.
  4. goods for which the rise or fall in price greatly affects the amount of the product that people are willing to buy/demand.

4 True/False questions

  1. inelasticgoods for which the rise or fall in price greatly affects the amount of the product that people are willing to buy/demand.

          

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

          

  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. Substitute effectSubstitutes (goods)as price of substitute decreases, demand for the original item also decreases.