1.
Good availability of substitutes results in a ______ value of PED.(A)
2.
The law of ______ states that when there is an increase in price, there will be a fall in quantity demanded.(A)
3.
________ are interested by how much the quantity demanded will fall.(A)
4.
PED reveals how __________ the change in quantity demanded is to a change in price.(A)
5.
Addictiveness turns products into necessities, resulting in a ___ value of PED. (A)
6.
A ______-_____ is a graphical representation of the price and quantity demanded (QD) by consumers.(A)
7.
______-______ is the combination of all the individual demand for a good/service.(A)
8.
Economists are interested by how much the ____demanded will fall.(B)
9.
Price elasticity of demand reveals how ____ the change in quantity demanded is to a change in price.(B)
10.
Some products are more responsive to changes in ____ than other products.(B)
11.
______-_____are more elastic because they are not essential, while necessities are more inelastic because consumers have no choice but to buy them.(B)
12.
The factors that determine responsiveness are called the __________-__-___(B)
13.
A supply curve is a graphical representation of the price and ________ supplied by producers. (C)
14.
Market supply is the combination of all the __________-______ for a good/service.(C)
15.
The supply curve is _______-______ as there is a positive relationship between the price and quantity supplied.(C)
16.
______ is the amount of good/service that a producer is willing and able to supply at a given price in a given period.(C)
17.
Individual and market supply can also be represented __________.(C)
18.
A decrease in price from £7 to £4 leads to a ________-____.(C)
19.
This decrease movement is called a ___________ in QS.(C)
20.
______-_____ is a graphical representation of the price and quantity supplied by producers.(D)
21.
______-______ is the combination of all the individual supply for good/service.(D)
22.
Rational profit maximizing producers would want to supply more as prices increase in order to ________ their profits.(D)
23.
If _____ is the only factor that changes (ceteris paribus), there will be a change in the quantity supplied.(D)
24.
Droughts are unexpected weather events that will cause supply to ________.(D)
