types of economys
how many types of economies are there in micro economics?
what is 4
A positive change in income would cause the demand line to do what?
what is shift right
what effect does a quota have on a market?
what is limit supply and raise price
what are the two types of elasticity?
what is elastic and inelastic
in which type of competition does 1 firm have complete control of the marketplace?
what is monopoly competition
what type of economy has a goal of profits and products determined by consumer demand?
what is free market economy
How many actions can occur at one time on a supply and demand chart?
what is 2
what is a subsidy?
what is a payment or tax reduction to a supplier by the government to increase supply
a perfectly elastic curve is what?
what is horrizontal
In what type of competition is collusion most likely to occur?
What is oligopoly competition
in which economy do economic planners plan the economy?
what is command economy
When QS>QD a surplus occurs, what must happen for the market to return back to the market equilibrium price?
What is lower the price
what is collusion?
what is a secret agreement to restrict supply.
What is the formula/equation for finding total revenue?
What is Price x Quantity
in what type of competition does the employer have the power to set wages?
What is monopsony competition
what are the three production questions for types of economies?
what is what, how and for whom
The price of a substitute good increases what is the effect on the supply line?
what is a shift to the left
rent control is a from of what market intervention?
what is a price ceiling
what is an example of something perfectly inelastic?
What is a zombie cure - DAILY DOUBLE worth 800 points.
in perfect competition if MC = MR = MC what is occuring?
what is the firm is breaking even