What does ceteris paribus means?

This refers to a tabular representation that shows quantity demand a consumer is willing to buy given alternative prices.

This is a graphical representation of the relationship between price and quantity demand/supply.

This refers to the total quantity of a product/service supplied by all producers in the market.

It determines or measures the degree of response of a consumer to a change in price.

A product is considered a NORMAL GOOD if factors like:

It refers to a movement or change going left or right of the demand/supply curve.

It refers to a movement or change along the demand/supply curve.

It determines or measures the degree of response of the producers to a change in price.

This refers to a product that can be used in replacement of another product.

A product is said to be INFERIOR GOOD if factors like:

If a product is said to be ELASTIC, which is the usual response of the consumers relating to the price of the good?

In an ELASTIC demand, which is the usual behavior of the consumers?

If a product is said to be INELASTIC, which is the usual response of the consumers relating to the price of good?

In an INELASTIC demand, which is the usual behavior of the consumers?

Law that indicates that as price of goods and services decreases, all other things being constant, the corresponding quantity that the consumers will be willing to buy increases.

When is a supply ELASTIC?

What kind of product exists when there is a demand/supply when price remains unchanged, but once price is increased, demand/ supply become zero?

What is the coefficient if demand/supply is INELASTIC?

What is the coefficient if demand/supply is UNITARY?

What is the coefficient if demand/supply is PERFECTLY ELASTIC?

If there exist a >1 % change in quantity demand/supply over 1% change in price, the product is said to be……

If a demand/supply curve is going outward, what is its implication?

Price and supply have a __________ relationship.

Which of the following factor that moves the demand along the curve?

You heard that a typhoon will enter the Philippine Area of Responsibility next week, Monday. How will this affect the demand basic commodities?

What does a shift to the right of the supply curve show?

What is the reason for the movement along the supply curve?

Which of the following is not a factor that affects supply curve?

It refers to the price agreed upon by the consumers and producers , where the consumer is able and willing to buy and the producer is able and willing to sell.

This is the amount of an item that consumers want to buy is equal the amount being supplied by its producers.

What do you call a situation where in demand is less than supply?

This is a situation wherein quantity demanded is greater than the quantity supplied.

Which of the following intervention of the government focuses on determining the price in the market?

This is the price imposed by the government lower than the prevailing price in the market.

This refer to the price imposed by the government higher than the prevailing price in the market.

What type of market allows all consumer and producer to participate in the market?

This type of market is fully controlled by the government.

This market structure has one consumer.

Homogeneous and Differentiated Products were introduced in this type market.

What do you call a collection of independent businesses or organizations that collude in order to manipulate the price of a product or service?

This type of market have relatively huge capital needed for advertisements.

In this type market, producers has the ability to block potential competitor in the market and control or dictate the price in the market.

Agricultural products / perishable goods are present in this type of market.

Aling Linda was able to sell 2,000 sticks of barbeque per day. Her Barbeque is worth Php 10.00 per stick and this goes for about 10 months. Last January, Aling Linda decided to raise the price of her barbeque from Php 10.00 to Php20.00. There are some costumers who questioned the increased in price of barbeque. But in general, customers still patronized Aling Linda's barbeque. What kind of product does Aling Linda is selling?

To be an exporter of product, the country must have its domestic price of the product to be ___________ the foreign price.

Which of the following is the best example of homogeneous product?

An increase in the price of electricity will result to:

Which of the following is the characteristic of perfect competition?