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

Date: 2015-10-07; view: 508.

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.