Demand
The point where supply meets demand is known as
What is Equilibrium?
The _______ demand curve is the sum of all individual demand curves
What is market
In which market structure is there only one producer and therefore they set the prices?
What is a monopoly?
What does LLC stand for?
Limited Liability Company
For most products and services, increased price results in
What is decrease in quantity demanded
The supply curve is upward sloping because?
There is a direct or positive relationship between price and quantity.
A price increase has little or no effect, the demand for a product is
What is inelastic
Which market structure benefits from a lot of competition?
What is perfect competition?
an arrangement between two or more people to oversee business operations and share its profits and liabilities
What is a partnership?
An increase in the price of milk causes a decrease in the demand for cereal. The two products are
What is complements
An increase in innovative technology would cause what to happen to which curve?
The supply curve would shift to the right
If Jell-O is an inferior good, what will happen when consumers’ income decreases?
Demand for Jell-O will increase
In this type of market structure there are usually less than 10 producers of a product
What is an oligopoly
Which type of business organization has the advantage of having the financial capital to hire specialists, but the disadvantages of increased regulation and double taxation?
What is a Corporation?
This demonstrates that there is an inverse relationship between Price and Quantity Demanded
What is the Law of Demand
What would happen to the supply curve if taxes for producers were increased?
Supply would decrease and shift left.
The decrease in the price of hotdogs results in a decrease in the demand for hamburgers. These two products are
Rank the market structures in order from MOST to LEAST competitive:
Perfect Competition – Monopolistic Competition – Oligopoly – Monopoly
A business structure that has the limited liability of a corporation but a tax structure similar to a partnership or sole proprietorship. A flow-through entity.
What is a S-Corporation?
These are the 5 shifters or determinants of demand
1) Tastes & Preferences
2) Number of Consumers
3) Price of Related Goods
4) Income
5) Future Expectations
What are the 5 shifters of supply?
What are
1) Price or availability of inputs
2) Number of sellers
3) Technology
4) Government Action
5) Expectations of future profit
Profit maximization is found when?
When MC=MR
This is the idea that it is some things like utilities are cheaper for the consumer if they are produced, maintained, and delivered by one or two companies.
What is Economies of Scale
This is the idea that an owner can be held personally responsible for the debts, obligations, and mistakes of the business, the owner is said to hold
unlimited personal liability