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5 Written questions

4 Multiple choice questions

  1. indicates a shift in the entire demand curve to the right or left. (Right-increase.. left-decrease)
  2. if the price of one similar item rises in relation to the price of another, people will substitutes the lower priced item.
  3. a graph showing the quantity demanded at each and every price that might prevail in the market.
  4. amount of additional satisfaction

4 True/False questions

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

          

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

          

  3. Complementsa decrease in the price of a good leads to an increase in the demand for its complementary good.

          

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

          

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