Sloman -2.1, 2.2

A person or firm with no power to influence the market price is called:

• price taker

• price maker

• free pricer

• market pricer

A point of balance where the quantity demandrd equals the quantity supplied is referred to as ........................price.

• equilibrium

• equal

• equatorial

• equinox

• equidistant

Which TWO reasons are there for the law of demand?

• income effect

• substitution effect

• saturation effect

• price effect

• complementary effect

Quantity demanded is the amount that consumers are........................... to purchase at a certain price, over a time period.

• willing and able

• willing and unable

• willing

• unwilling

Goods whose demand falls as people's income rises are called:...

• inferior goods

• infernal goods

• infertile goods

• informal goods