Ex.8. Choose and combine two parts logically to make complete sentences

Ex.7. Complete the following sentences with prepositions or adverbs.

Ex.6. Choose an appropriate phrase to complete the following sentences.

The buying behaviour, by way of, which is analogous, the price of a product, would continue buying, weigh heavily, the opportunity cost, to maximize their utility, the amount of a product, in a standard market.

1. For conventional economics, the market answers these questions _____________ the operation of supply and demand.

2. The market determines _____________, and the price determines what is produced, and who can afford to consume it.

3. In microeconomics,demand refers to _____________ of a household.

4. Consumer preferences _____________ in a household's buying decisions.

5. All buyers will try _____________, that is, make themselves as happy as possible, by spending what money they have in the best way possible.

6. The quantity demanded is ________ people are willing to buy at a certain price.

7. In microeconomics, the smallest unit of supply is the firm, _____________ to the demand unit of the household.

8. Because supply and demand can shift and change, equilibrium _____________ is also fluid, responding to changes in either market force.

9. Products that are necessities are more insensitive to price changes because consumers _____________ these products despite price increases.

10. A price increase of a good or service that is considered less of a necessity will deter more consumers because _____________ of buying the product will become too high.

1. ___ conditions ___ competition, the market determines the price ___ a product.

2. ___ microeconomics,demand refers ___ the buying behavior ___ a household.

3. Each household, or small-scale decision-making unit, is affected ____ different factors when making choices ____ what to buy and how much to buy.

4. ____ the other side ____ every transaction is a seller.

5. ____ considering both their preferences and their budget, the buyers ensure that they end up ____ the best combination ____ goods possible.

6. Because the household is such a small unit, no household has a significant impact ____ the market, and so the actions ____ any single household is its best effort to react ____ the market price and the goods available.

7. The correlation ____ price and how much ____ a good or service is supplied ____ the market is known as the supply relationship.

8. ____ other words, the higher the price, the lower the quantity demanded.

9. Buyers want to buy ____ many goods ____ possible, ___ cheaply ___ possible.

10. When supply and demand are equal, the economy is said to be ___ equilibrium.

1.	Under conditions of competition, where no one has the power to influence or set price,	a	is known as the supply relationship.
2.	If all three conditions are not met	b	no household has a significant impact on the market.
3.	Because the household is such a small unit	c	some products may be more essential to the consumer.
4.	Economists refer to the behavior of sellers	d	then the demand is not real.
5.	The correlation between price and how much of a good or service is supplied to the market	e	if a slight change in price leads to a sharp change in the quantity demanded or supplied.
6.	Producerssupplymoreat a higherprice	f	because they have few if any substitutes.
7.	A good or service is considered to be highly elastic	g	in which changes in price witness only modest changes in the quantity demanded or supplied.
8.	Elasticity varies among products because	h	as the market force of supply.
9.	An inelastic good or service is one	i	the market (everyone, producers and consumers together) determines the price of a product.
10.	Unique goods such as diamonds are inelastic	j	because selling a higher quantity at a higher price increases revenue.

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