Supply or Demand
Market Equilibrium
Market Structures
Final Jeopardy
100
"Consumer taste/preference", also known as "consumer demand" is one of five of these.
What is reasons for a change in demand/non-price determinant of demand?
100
When food is found to contain bacteria, it affects demand and market equilibrium in this way.
What is demand decreases and EP decreases?
100
This market structure has one seller and the highest barriers to entry.
What is a monopoly?
100
These are restrictions in cities about what can be built in which areas.
What are zoning laws?
200
When firms leave the industry, it affects supply or demand in this way.
What is supply decreases/shifts to the left?
200
When the price is below the equilibrium point, it creates this.
What is a shortage/ excess demand?
200
This market structures has only a few sellers, high entry costs, and some (but not total) control over price.
What is an oligopoly?
300
Taxes on consumer goods affect supply or demand in this way.
What is demand decreases/shifts to the right?
300
When quantity supplied equals quantity demanded, this results.
What is market equilibrium?
300
This market structure has a large number of buyers and sellers, no one has the power to influence the price, and no barriers to entering the market.
What is pure competition?
400
When the price of one good decreases, the substitute good is affected this way.
What is demand decreases?
400
When new versions of products come out, it affects demand and market equilibrium in this way.
What is demand increases and EP increases?
400
This market structure has many buyers and sellers and some product differentiation.
What is monopolistic competition?
500
When the cost of inputs increases, supply or demand is affected this way.
What is supply decreases?
500
When the price moves above the equilibrium point, this happens to quantity supplied and quantity demanded.
What is QS increases and QD decreases?
500
Most monopolies, because of the Sherman Anti-Trust Act, are this today.
What is illegal?
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