Market Influence
T or F. monopolies and oligopolies give the market power
TRUE
total value of goods produced and services provided in a country in one year
gross domestic product (GDP)
definition of law of demand
principle which states that there is an inverse relationship between price and quantity demand
cost of buying and building a new factory within a company
marginal cost
ebay and amazon
barriers to entry
beef prices rise and the civilian's response is to buy more chicken
substitution effect
law of supply
quantities respond in the same direction as price changes
in a farm there are 100 acres and 4 employees, each employee can cover 25 acres. what would happen if one more is added?
marginal return
if a soft drink price went up it would cause people to look for other brands that sell soda cheaper, this is an example of what?
elasticity
unless there is a change in the demand or supply curves, coffee prices tend to stay the same. This is an example of what?
equilibrium
all companies sell identical products, market share does not influence price, companies are able to enter or exit without barrier, companies cannot determine price
perfect competition
change in price of a good or service can change the quantity that the customer will demand
income effect
Cash is given to private businesses in the renewable energy sector to stimulate the growth of that industry
subsidy
price fixing
an agreement between competitors that raises, lowers or stabilizes prices or competitive terms.
monopolies and oligopolies are examples of
IMPERFECT COMPETITION
microsoft trying to merge with apple
collusion
chicken wings are half off if you bring in a picture of your ex on valentines day at hooters
opportunity cost