Supply & Demand
Types of Goods
Market Structures
Price Controls
Elasticity
100
When demand increases and supply stays the same, this happens to price.
What is price increases?
100
These goods see increased demand as income rises.
What are normal goods?
100
This market has many sellers and identical products.
What is perfect competition?
100
A government-imposed maximum price.
What is a price ceiling?
100
This measures how much quantity demanded changes with price.
What is price elasticity of demand?
200
This is the point where supply equals demand.
What is the equilibrium price?
200
These goods are replaced when income increases.
What are inferior goods?
200
A market with one seller and high barriers to entry.
What is a monopoly?
200
Minimum wage laws are an example of this.
What is a price floor?
200
If demand changes a lot with price, it is called this.
What is elastic?
300
A surplus occurs when this is greater than demand.
What is supply?
300
Luxury cars and designer clothes are examples of this type of good.
What are luxury goods?
300
This structure features few sellers and interdependent pricing.
What is oligopoly competition?
300
A government-imposed minimum price.
What is a price floor?
300
If demand changes very little with price, it is called this.
What is inelastic?
400
A decrease in consumer income usually causes this shift in demand.
What is a leftward shift?
400
These goods are often bought together, like peanut butter and jelly.
What are complementary goods?
400
A market with many sellers offering slightly different products.
What is monopolistic competition?
400
In many cities, a rent control limits the amount landlords can charge for rental properties.
What is a price ceiling?
400
If demand changes very little with price, it is called this.
What is inelastic?
500
This law states that as price increases, quantity demanded decreases.
What is the law of demand?
500
These goods can replace each other, like tea and coffee.
What are substitute goods?
500
What is perfect competition?
500
Price ceilings often lead to this market condition.
What is a shortage?
500
The opportunities in different markets are bad or undesirable.
What causes supply to increase?