Industry controlled by a small number of competitors
What is oligopoly
200
The degree in which supply or demand curve reacts to a change in price
What is elasticity
200
A situation wherein demand shows no responsiveness to a change in price
What is perfect inelasticity
200
A form of collusion in which competitors agree to a common pricing schedule.
What is price fixing
300
These are unregulated economics
What is black market
300
A situation wherein demand is extremely sensitive to a change in price
What is perfect elasticity
300
Goods, services, or resources are ___ if there is not enough for everyone to have as much as they would like.
What is scarcity
400
These are goods that go together or are related
What is complementary goods
400
These economies have no government regulations and economic decisions are based solely on supply and demand
What is market economy
400
This is the total demand for goods and services in a market economy at a given time and price level
What is aggregate demand
500
Goods that satisfy the same needs as other goods
What is substitute product
500
When models are simplified to make assumptions
What is ceteris paribus
500
Economic law stating that the amount of satisfaction derived from a particular good or service will diminish with each successive purchase of that good or service.