Economics 002 - Principles of Economics II » Winter 2021 » Chapter 3 Lecture Quiz
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Question #1
This "Key Point" refers to the decrease in added satisfaction that results as one consumes additional units of a good or service.
A.
Law of demand
B.
Substitution effect
C.
Diminishing marginal utility
D.
Income efffect
Question #2
This is the "Key Point" from Part 2's lecture.
A.
Supply Schedule
B.
Determinants of Supply
C.
Determinants of Demand
D.
Law of Supply
Question #3
The "Point"of this presentation also means the ability of the competitive forces of demand and supply to establish a price at which selling and buying decisions are consistent.
A.
Allocative Efficiency
B.
Rationing Function of Prices
C.
Market Equilibrium
D.
Productive Efficiency
Question #4
The "Key Point" from Part 4's lecture is:
A.
Surplus
B.
Shortage
C.
Price Floor
D.
Price Ceiling
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