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.   Income efffect
B.   Substitution effect
C.   Law of demand
D.   Diminishing marginal utility
Question #2
This is the "Key Point" from Part 2's lecture.
A.   Law of Supply
B.   Determinants of Demand
C.   Supply Schedule
D.   Determinants 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.   Rationing Function of Prices
B.   Productive Efficiency
C.   Market Equilibrium
D.   Allocative Efficiency
Question #4
The "Key Point" from Part 4's lecture is:
A.   Price Floor
B.   Surplus
C.   Shortage
D.   Price Ceiling

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