Supply and Demand
According to the law of demand what will happen if the price of a product will rise?
What is a decrease in quantity demanded?
What is a surplus?
What is when quantity supplied is more than the quantity demanded?
Where is price set in a pure competition industry?
What is at equilibrium?
True or False: Sole proprietorships are unlimitedly liable for any action taken that harms someone.
What is true?
What is it called when a country protects new industries in order to help them grow until they can compete on the global scale?
What is infant industry?
According to the law of supply what will happen if the price of a product will rise?
What is quantity supplied increases?
What is a shortage?
What is when the quantity supplied is less than the quantity demanded?
Which state of industry has one business in complete control over the production of a good?
What is a monopoly?
Which type of partnerships have a silent partner that has no control over the business?
What is a limited partnership?
If the price of baby food rises by 30 percent but the percent of consumers who stop purchasing baby food is only 4 percent, is this good elastic, inelastic, or unitary elastic?
What is inelastic?
If there is a government subsidy provided to a business how will this affect the supply curve?
What is it will increase?
What would be the impact of a price ceiling set below equilibrium?
What is their will be a shortage?
What is it called when only a handful of businesses control the entire market for a good?
What is monopolistic competition?
Which type of partnership has no general partners?
What is an LLP?
What would be the affect of a price floor set above equilibrium?
What is a surplus where consumers must pay the larger price?
If a good becomes unfashionable how will that affect demand?
What is it will decrease?
What would happen to the price of goods if there is a surplus?
What is that there will be a decrease in price of the goods?
Daily Doubles
What state of industry runs advertisements trying to market non price differentials?
What are monopolistic competitions?
What type of business organization has the disadvantage that it is harder for them to gain capital?
What is a sole proprietorship?
How would a price ceiling set above equilibrium affect the market?
What is it would have no affect?
What is the point called when a supply curve and a demand curve intersect?
What is equilibrium?
Over a long period of time, what will happen to the production and price of the goods?
What is it will return to equilibrium?
What state of industry has complete control over the price of goods, and can change the level of marginal revenue?
What are monopolies?
What type of business organization has the disadvantage that they can end due to conflict?
What is a partnership?
What type of market has complete government control over production?
What is command economy?