Supply
This refers to the number of goods and services that producers are willing to produce at different price points in a given market.
What is Supply?
This refers to the number of a good or service that consumers desire in a given market at different price points.
What is Demand?
This is the cost that a company HAS to pay regardless of how much profit or loss they take on.
What is Fixed Costs (Overhead)?
True or False: In order for perfect competition to work, you need a good deal of consumers and producers.
What is True?
This is the economic theory that states that as price goes up, the quantity supplied will also rise?
What is the Law of Supply?
This is the economic theory that as the price of a good or service goes up, the quantity will go down.
What is the Law of Demand?
This refers to when a change in one factor is greatly affected by a change in another factor.
What is an Elastic Change?
This is a type of market where one company dominates the market and sets high prices.
What is a Monopoly?
This typically happens to the price when the supply of a given market increases.
What is decreases?
This typically occurs to the price of a good or service when the demand increases.
What is the price increases?
This is the satisfaction or usefulness of obtaining one additional unit of a good or service.
What is Marginal Utility?
This is a type of market where a small group of producers controls the market and sets high prices in the market.
What is an Oligopoly?
Give me 3 reasons that a Supply Curve would shift.
Anything in:
- Change in price of resources
- Taxes
- Subsidies
- Government Regulations
- Change in Technology
- Labor Productivity
Give me 3 at least 3 reasons the Demand Curve would shift.
Anything around:
- Consumer Taste
- Consumer Expectations
- Change in Price of a Substitute
- Change in Demand of a Compliment
- Consumer Income in the Market
When there is more demand in a market than supply, we call the market this.
This is the practice that monopolies use when they buy up all the surrounding competition in the market and put them under one company.
What is Horizontal Integration?