Basic Microeconomics II

It is an economics concept that measures the responsiveness of one variable to changes in another variable.

• Elastic

• Inelastic

• Elasticity

• Inelasticity

A place or situation wherein it brings together buyers and sellers of goods or services.

• Market

• Economy

• Marketplace

• Economics

Decisions about what products are available and at what prices are determined through the interaction of supply and demand is made.

• Market place

• Market demand

• Market supply

• Market Economy

The law of demand that a rise in price will lead to a decrease in the quantity demanded.

• True

• False

If a small change in price creates a large change in demand, elasticity of demand is?

• Elastic

• Inelastic

• Unitary

• Unit elastic

In this kind of economy, economic effort is devoted to goals passed down from a ruler or ruling class.

• Mixed economy

• Planned economy

• Free market economy

• Socialist economy

It refers to the amount of some good or service consumers are willing and able to purchase at each price.

• Supply

• Consumer

• Producer

• Demand

Elasticity of demand wherein a large change in price results in a very small change in demand.

• Elastic

• Inelastic

• Unitary

• Unit Elastic

What a buyer pays for a unit of the specific good or service is called?

• Sale

• Price

• Amount

• Sell

The total number of units purchased at that price is called ?

• Quantity supplied

• Quantity demanded

• Quantity purchased

• Quantity sale