Task 3. Prepare your own illustration of the law of supply.
Task 4. Complete each statement below with the correct term from the list that follows:
supply demand schedule
demand substitution effect
law of demand change in quantity demanded
elasticity of demand complementary products
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1. A graph that shows the amounts consumers are willing to buy is a _______.
2. The seller’s side of each transaction is called _______..
3. The _______is usually greater for very expensive products.
4. A chart used to study the relationship between price changes and quantities consumers desire is a _______. .
5. The movement along a demand curve caused by a change in the price of the good or service is a _______. .
6. _______.is the concept that as the price decreases, the quantity sold increases.
7. The buyer’s side of each transaction is called _______. .
8. According to the _______ , when the price of an item increases, consumers will buy more of other items that are similar but cost less.
Task 5. Read the text below and decide which answer A, B, C or В best fits each space. Make your answers on the separate sheet of paper.
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