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3 Written questions

3 Multiple choice questions

  1. the price at which the amount supplied is equal to the amount demanded
  2. a market in which products are sold by firms and bought by households
  3. goods that can be used in place of other goods (Colgate/Crest, Toyota/Honda)

3 True/False questions

  1. economic interdependencethe branch of economics that studies the economy of consumers or households or individual firms

          

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

          

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