102 GSG 2

Law of demand says if the price of pizza falls, the quantity demanded for pizza will what?

• Increase

• Decrease

When you buy a game system and games together, this is an example of which economic concept?

• Complements

• Substitutions

• Elasticity

• Economics

When you buy a PlayStation instead of an X-Box because the price of the PlayStation went up, this is an example of what?

• Complements

• Substitutions

• Elasticity

• Economics

when trading, what is the maximum price you should pay to trade for a good

• comparative advantage

• current market value

• the price at quantity demanded

• your opportunity to produce it

According to the _____, quantity demanded and price move in opposite directions.

• law of demand

• demand curve

• demand schedule

• market demand

_____ refers to the desire, willingness, and ability to buy a good or service.

• Supply

• Demand

• Law of Demand

• Market Supply

____ is the struggle between buyers and sellers to get the best products at the lowest prices.

• Competition

• Productivity

• Free enterprise

• Economic freedom

the demand for _______ goods decreases as income increases

How are milk and cereal complements?

• You usually buy milk and cereal together

• They are eaten together

• You get complements based on your choices of each

• Cereal is expensive but Milk is not

The table below is an example of a

• Supply Schedule

• Supply Curve

• Demand Curve

• Demand Schedule