Chapter 2: Vocab Flashcards
(10 cards)
________Sellers will ordinarily offer more at higher prices than at a lower prices, all else constant.
Law of supply
______products are of a homogenous nature.
Perfect Competition
______the quantity of goods purchases will increase as its price is reduced.
Law of Demand
______the market for a differentiated product
Imperfect Competition
______a set of competing factors
Industry
A firm in a perfectly competitive environment is a _______.
Price taker
Firms that negotiate price with those on the other side of the market are called______.
Price maker
Marketing competition among a few firms is called________.
Oligopoly
In the long run, numerous firms exit the market in a________.
Perfect competition
A simplified representation of a real market is called a________.
Market model
