Vocabulary
Market Structures
Monopoly Types
Supply and Demand
Different Stuff
100
This is used in place of another product.
What is a substitute?
100
The free market sets the price in this market.
What is perfect competition?
100
The post office.
What is a government monopoly?
100
Number of sellers of school textbooks increases. What happens to supply?
What is supply shifts right? EP down, QD up?
100
The names of Mr. Potter's four children.
What is Chandler, Aiden, Zander, and Liam?
200
These are two products that are used together.
What are complements?
200
This market has total control over the price.
What is a monopoly?
200
Public utilities.
What is a natural monopoly?
200
An excise tax is placed on diapers. What happens to supply?
What is supply shifts left? EP up, QD down.
200
Three advantages of prices
What is efficient, no administrative cost, neutral?
300
This is a price set below the equilibrium price. It causes this.
What is a price ceiling? What is a shortage?
300
Coke, Pepsi, and RC. Air-Tran, Delta, Southwest. Post, Kellogs.
What is an oligopoly?
300
The only gas station in the desert.
What is a geographic monopoly?
300
The price of butter increases. What happens to the demand curve for margarine?
What is demand shifts right? EP up, QD up.
300
The four determinants of demand elasticity.
What is Can the purchase be delayed? Are adequate substitutes available? Is the price going to change? Does it use a large portion of income?
400
This is a price set above the equilibrium price. It causes this.
What is a price floor? What is a surplus?
400
Slightly different products, relies heavily on advertising, clothing.
What is monopolistic competition?
400
A company has just developed a new type of medication.
What is a technological monopoly?
400
The price of cameras goes up. What happens to the demand for camera lenses?
What is demand shifts left? EP down, QD down.
400
Situation where there is neither a shortage nor a surplus.
What is market equilibrium?
500
People demand more at low prices and less at high prices.
What is law of demand?
500
Fruits and vegetables. Stock market.
What is perfect competition?
500
You publish your life story and get it copyrighted.
What is a technological monopoly?
500
The price of a product goes up, but our demand does not change. Give an example
What is an inelastic product?
500
The name of Mr. Potter's wife.
What is Dawn?
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