What is the quantity supplied exceeds the quantity demanded?
100
A market structure in which many producers supply an identical product and no single producer can influence its price.
What is perfect competition?
100
A business owned by shareholders who have limited liability for the business's debt and obligations.
What is a corporation?
100
A producer that can set a price for a product rather than accepting the market price.
What is a price maker?
100
All of the following are types of legal monopolies except: government created monopolies, resource monopolies, natural monopolies, monopolies of scale.
What is monopolies of scale?
200
A maximum price consumers may be reqired to pay for a good and service.
What is price ceiling?
200
A market structure in which many producers supply similar but varied products.
What is monopolistic competition?
200
A business owned and managed by one person.
What is a sole proprietor?
200
At this quantity, supply and demand are in balance.
What is equilibrium quantity?
200
A producer that has no influence over the price of a product and must accept the market price.
What is a price taker?
300
At this price, supply and demand are in balance.
What is equilibrium price?
300
A market structure in which few firms dominate the market and produce similar or identical goods.
What is an oligopoly?
300
A business owned by two or more co-owners who share profits from the business and are legally responsible for the business's debts and obligations.
What is a partnership?
300
They give inventors the right to control the production, sale and distribution of their work, creating a temporary monopoly over that work.
What is patents?
300
All of the following are advantages of a corporation except: long life, growth potential, limited liability, east to start up.
What is easy to start up?
400
A minimum price consumers may be required to pay for a good and service.
What is price floor?
400
A market structure in which a single producer supplies unique product that has no close substitutes.
What is a monopoly?
400
All of the following are disadvantages of a corporation except: loss of control, more government regulation, double taxation, growth potential
What is growth potential?
400
An arrangement in which producers cooperate on production levels and pricing. Often found within an Oligopoly market structure.
What is collusion?
400
The quantity demanded exceeds the quantity supplied.
What is a shortage?
500
Governments place limits on how high or low certain prices may be.
What is price control?
500
Location, service and status/image are characteristics of this.
What is non-price competition?
500
All of the following are advantages of a sole proprietorship except: easy to start up, full decision making power, limited life, full profits
What is limited life?
500
A product that is exactly the same no matter who produces it.
What is a commodity?
500
All of the following are characteristics of oligopolies except: many producers, similar products, high barriers to entry, some control over prices.