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.