Price Fixing
Supply and Demand
Market Structure
Determinants
Misc
100
A price ceiling would be used by the government if...
The price for a good people needed was too high to be affordable.
100
The Quantity at which supply and demand intersect on this graph is referred to as this.
Equilibirum Quantity
100
A business with one owner would be a...
Sole Proprietorship
100
List the five determinants of demand
Tastes
Related goods
Incomes of consumers
Number of Buyers
Expectations of Prices
100
The law of demand states
That as price rises quantity demanded falls and vice versa
200
Shortage occurs when
Demand is greater than supply, or a price ceiling is put below equilibrium
200
This is a change in the supply curve which is caused by an increase in price.
Increased Quantity Supplied
200
This market structure has one firm in complete control of the market
monopoly
200
This occurs to the supply curve if new taxes are placed upon a business
It shifts left
200
This business structure can make money by selling shares or "stock" in a company
Corporation
300
Surplus occurs when
Supply is greater than demand, or a price floor is put above equalibirum
300
This occurs when the demand curve itself moves left to a new location on the graph.
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Decrease in overall demand
300
This is the amount of control businesses have over prices in a Pure Competition market.
None, they are price takers
300
This occurs to the supply curve if more suppliers enter the market.
The curve will shift to the right
300
List in order the structures of markets from LEAST to MOST amount of firms in the market
Monopoly, Oligarchy, Monopolistic Competition, Pure Competition
400
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This is what line PC represents, also state what occurs as a result of setting price here.
A price ceiling, and a shortage
400
Quanity Supplied would be described as this
The amount supplied by a business at a specific price
400
In this Market Structure products are made competitive due to changes in branding or quality
Monopolistic Competition
400
A decrease in the tax placed upon gasoline cars will cause this.
What is an increase in Supply.
400
The price at which supply and demand intersect on this graph is referred to as this.
Equilibirum Price
500
This is what line PF on the above graph represents, also this would occur if we set the price to that level.
Price Floor, and Surplus
500
If the supply curve moves to the right what has taken place?
The Overall supply of the good has increased
500
This market structure occurs when a small group of companies control the market for a good or service
Oligopoly
500
This occurs to the demand curve of Nike shoes if people's tastes change to want more Nike products.
It will shift to the right
500
Name one business structure with limited life and one with unlimited
Sole Proprietorship/Partnership
Corporation