Question

match the correct definition with each term.

the idea that as you purchase more goods, your additional satisfaction gets smaller. -> law of diminishing marginal utility

all possible quantities of a good or service that consumers are willing and able to buy at every possible price; inverse relationship between p & q. -> supply

when a change in quantity is not very responsive to a change in price, we say demand or supply is this. -> inelastic

when a change in quantity is very responsive to a change in price, we say demand or supply is this. -> elastic

all possible quantities of a good or service that firms are willing and able to produce at every possible price; direct relationship between p & q. -> demand

Explanation:

Match the first definition

Using the Law of Diminishing Marginal Utility knowledge point
The definition describes how additional satisfaction decreases with each additional unit purchased. This matches law of diminishing marginal utility.

Match the second definition

Using the Law of Demand knowledge point
The definition describes consumer willingness and ability to buy at every price, featuring an inverse relationship between price and quantity. This matches demand.

Match the third definition

Using the Price Elasticity of Demand knowledge point
The definition describes a scenario where quantity is not very responsive to price changes. This matches inelastic.

Match the fourth definition

Using the Price Elasticity of Demand knowledge point
The definition describes a scenario where quantity is highly responsive to price changes. This matches elastic.

Match the fifth definition

Using the Law of Supply knowledge point
The definition describes producer willingness and ability to produce at every price, featuring a direct relationship between price and quantity. This matches supply.

Answer:

Definition	Term
all possible quantities of a good or service that consumers are willing and able to buy at every possible price; inverse relationship between P & Q.	demand
when a change in quantity is NOT very responsive to a change in price, we say demand or supply is this.	inelastic
when a change in quantity is very responsive to a change in price, we say demand or supply is this.	elastic
all possible quantities of a good or service that firms are willing and able to produce at every possible price; direct relationship between P & Q.	supply