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3 Written questions

3 Multiple choice questions

  1. A measure of the sensitivity of demand to changes in price
  2. the price at which the amount supplied is equal to the amount demanded
  3. goods that can be used in place of other goods (Colgate/Crest, Toyota/Honda)

3 True/False questions

  1. supply and demandgoods that can be used in place of other goods (Colgate/Crest, Toyota/Honda)

          

  2. equilibriuma market in which products are sold by firms and bought by households

          

  3. medium of exchangea market in which products are sold by firms and bought by households