NAME

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3 Written questions

3 Multiple choice questions

  1. the branch of economics that studies the economy of consumers or households or individual firms
  2. A measure of the sensitivity of demand to changes in price
  3. a market in which products are sold by firms and bought by households

3 True/False questions

  1. substitute goodsan economic concept that states that the price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply)

          

  2. market -clearing pricethe branch of economics that studies the economy of consumers or households or individual firms

          

  3. equilibriumthe point at which quantity demanded and quantity supplied are equal