Test 2

Question 1

A market structure in which only one seller sells a product for which there are no close substitutes

Answer 1

Monopoly

Question 2

A market structure where one company is the single source for a product and there are no substitutes for the product available

Answer 2

Pure monopoly

Question 3

Which MANY sellers offer similar but not standardized products

Answer 3

Monopolistic Competition

Question 4

A market structure in which only a FEW sellers offer similar product, less competitive than monopolistic
competition

Answer 4

Oligopoly

Question 5

A market structure in which there are many sellers but only one large buyer

Answer 5

Monopsony or Oligopoly

Question 6

A table that shows different prices of a good and the amount of the product demanded at that price

Answer 6

Schedule

Question 7

When a change in price either up or down leads to a relatively larger change in quantity demanded

Answer 7

Elasticity

Question 8

As you consume more of anything, the additional satisfaction that you will receive will eventually start to decrease

Answer 8

Diminishing Marginal Utility

Question 9

Goods that can be used in place of regular used goods

Answer 9

Substitute goods

Question 10

Goods used together
Like PB&J

Answer 10

Complementary

Question 11

A maximum legal price is set by the gov
Below the equilibrium

Answer 11

Price ceilings

Question 12

A minimum legal price is set by the government
Above the equilibrium

Answer 12

Floor prices

Question 13

Government payments used to protect an industry, they have the opposite effect of taxes

Answer 13

Subsidies

Question 14

A situation where the quantity supplies is greater than the quantity demanded

Answer 14

Surplus

Question 15

A situation where the quantity supplied is less than the quantity demanded

Answer 15

Shortage

Question 16

Is a system in which the government allocates goods and services using factors other than price

Answer 16

Rationing

Question 17

The collaboration between companies that seek to gain an extensive competitive advantage in the marketplace

Answer 17

Collusion

Question 18

Detriments of Demand

Answer 18

Number of consumers
Income of consumers
Complements
Expectations
Substitutes
Tastes and preferences of consumers

Question 19

Detriments of Supply

Answer 19

Productivity
Expectations
Taxes
Technology
Price of other goods
Inputs
Gov regulations
Subsides
Sellers

Question 20

Change in quantity demand

Answer 20

Refers to the movement along the demand curve and results in change of product price
Dots change, line is the same

Question 21

Change in demand

Answer 21

Shift of the demand curve left or right