Column 1
The amount of goods available
What is Supply
The desire to own something and the ability to pay for it
What is Demand
an illegal agreement among firms to divide the market, set prices, or limit production
What is Collusion?
a market in which goods are sold illegally without regard for government controls on price or quantity
What are Black Markets?
a maximum price that can legally be charged for a good or service
What is a Price Ceiling?
Where is the county seat located
What is Mayville?
a contract that gives a single firm the right to sell its goods within an exclusive market
What is a Franchise?
consumers will buy more of a good when its price is lower and less when price is higher
What is the Law of Demand?
2019 Graduation Date
What Is June 21, 2019?
JHS Mascot
What are the Red Raiders?
producers offer more of a good as its price increases and less as its price falls
What is the Law of Supply?
Demand that is very sensitive to price change
What is Elastic Demand?
a minimum price for a good or service
What is a Price Floor?
High School Lunch Today
What is Toasted Cheese and Tomato Soup?
The last day of regular classes
What is June 17th, 2019?
The Jackrabbit is a ___________
What is a hare?
The chapters on this test
What are chapters 4,5,6, and 7?
a market structure in which a few large firms dominate a market
What is an Oligopoly?
a point at which the demand for a product or service is equal to the supply of that product or service
What is Market Equilibrium?
The most populous US State
A group of crows
What is a murder?
a market in which a single seller dominates
What is a Monopoly?
What is a natural monopoly?
The zip code of Jamestown, NY
What is 14701?
Demand that is not very sensitive to price change
What is Inelastic Demand?