vocab LJ
what happens t a limited business when the owner dies or quits??
It closes or changes
how many numbers of buyers and sellers are in a pure/perfect competition?
many
this market structure is characterized by many sellers, identical products and easy entry and exit.
perfect competition
True or false you can go over the supply curve
False you cant
Law states when the price of a good increases the quality decreases
Law of demand
If you have an obligation to pay back your student debt, what is that called?
Liability
what are some examples of monopolistic competition?
fast food, clothing stores and local restaurants.
firms in this market structure have some control over price due to product differentiation.
Monopolistic competition
True or False
With higher Supply Demand is higher
False with more supply demand for supply is lower
If a product has a elastic demand, what happens to the total revenue when the price increases
Total revenue decrease
What is the portion of after tax corporate profit paid out to shareholders?
Divend.
what make it difficult for new firms to enter a market?
entry barriers
the airline industry or the automobile industry can be considered examples of this market structure.
oligopoly
what is a supply schedule?
a supply schedule is a table that shows the relationship between the price of a good or service and the quanity supplied.
What is the term for when demand for a product rises because it is needed to produce a good
Derived demand
True or false Single taxation is tax based on what a business ernes
True
how many owners do a sole proprietorship have?
one
firms in this market structure have significant market power and can set prices.
Monopoly
In economics, what law states that as the price of a good increases, the quantity supplied also increases, all else being equal?
The Law of Supply
What type of good sees an increase in demand when consumer incomes decrease?
Inferior goods
True or False, The sherman act is a law that deals with helping with sole proprietorship
False, the sherman act is a law that deals with growing problems of Anti-competitive Market Structures
what type of liability do partnerships have?
unlimited
this refers to the ability of a firm to influence the market price of a good or service
market power
What type of cost does not change with the level of output, such as rent or salaries?
Fixed cost
If the price of a substitute good decreases, what usually happens to the demand for the original good?
It decreases