True or false

1. A good that can easily replace another is called a complementary good. ________

2. The point of equilibrium is used to describe the equality of the forces of supply and demand. ________

3. Competition is an economic concept that is defined by the existence of rivalry between companies competing on the same market. ________

4. If the depression is severe or lasts for a long time, it turns into a recession. ________ 5. Competition is a situation where there is only one seller. ________ 6. Inflation is the rise, over a period of time, in the price of goods and services. ________

7. A market exists when buyers and consumers meet to discuss the environment and the future. ________

8. The economic cycle represents all the fluctuations in the economic activities of a country, i.e. the economy goes from a period of inflation to a period of depression, then recession to finally reach a period of prosperity. or sum. ________

9. Misleading advertising is advertising which potentially or actually misleads or affects the judgment of the consumer or which, for these reasons, harms a competitor. ________

10. Labor is the human element and includes the intellectual and physical labor required to produce goods and services. ________