Supply
As supply increases what happens to the price of a good?
What is decrease?
As demand increases what happens to the price of a good?
What is increase?
The difference between monopolistic competition and perfect competition.
What is product differentiation?
Market Structures that have a large number of sellers
What is perfect competition and monopolistic competition?
WHAT DOES HAKUNA MATATA MEAN?
NO WORRIES
As supply decreases what happens to the price of a good?
What is increase?
As demand for a good decreases what happens to the price of a good?
What is decrease?
A series of competitive price cuts by all sellers that leads to unusually low prices.
What is price war?
Give me an example of business that is a monopoly?
Australia Post
Ice Arena Adelaide
Microsoft
The only business in a small town, with no other close or available substitutes.
FINISH THE SONG..."OHHH WHO LIVES IN A PINEAPPLE UNDER THE SEA..."
SPONGEBOB SQUARE PANTS
Point of intersection of supply and demand
What is equilibrium?
When a consumer perceives multiple goods as similar or comparable
What is substitute good?
The use of advertising or giveaways to convince buyers one product is better than another.
What is nonprice competition?
Name three (3) examples of industries / businesses in an oligopoly market structure?
Airlines
Department stores
Mobile phone service provider
Smartphone manufacturer
Cinema / movie theatres in Adelaide
THE FIRST WINNER OF AMERICAN IDOL AND NOW HAS HER OWN TALKSHOW
KELLY CLARKSON
Decides that they are willing and able to offer the quantity of a good for sale at each possible price during a given time period
Who are producers?
Sets the price point for goods where consumers are willing and able to buy and producers are willing and able to sell
What is equilibrium?
The mobile phone network providers and soft drink industries are examples of this market structure.
What is an oligopoly?
Market structure that has no market power for sellers
What is perfect competition?
THE PIANO HAS THIS MANY KEYS
88
Problem of having unlimited human wants with limited resources
What is scarcity?
Decides that they are willing and able to buy the quantity of a good at each possible price during a given time period
Who are consumers?
If one company in an oligopoly lowers its prices, the other companies in that market are likely to do this.
What is also lower their prices?
What does interdependence in an oligopoly mean?
Firms in the same market must consider what their competitors reactions will do / what competitors will do if one business makes a change in relation to price, output or other non-price competition.
Name all of the Beatles' members - First & last name
RINGO STARR, JOHN LENNON, PAUL MCCARTNEY, GEORGE HARRISON