Choose the Item That Best Matches Each Item of the Following

question 23

Multiple Choice

Choose the item that best matches each item of the following:
-Law created and changed by the people

• A)Administrative law
• B)Judicial branch
• C)Executive branch
• D)Common law
• E)Statutory law
• F)Legislative branch
• G)Constitutional law

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Definitions:

Price

The measure of money anticipated, obligatory, or tendered in payment towards an item.

Equilibrium Price

The cost at which the amount of a product or service that consumers want to buy matches the amount that producers are willing to sell.

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the equilibrium price, where market supply and demand balance.

Quantity Demanded

The collective measure of a commodity or service that people are eager and have the means to purchase at an identified price level.