Econ Unit 2 and 3 review

a company's formal decision to coordinate prices is an example of

Which of the following would be considered a fringe benefit?

Sprint buying Nextel followed by T-Mobile buying sprint are examples of? (these are all cell service providers)

Which law states that a decrease in price will result in a decrease in the quantity supplied?

When quantity demanded is less than quantity supplied the market is said to be in

A company such as Disney that buys out multiple unrelated companies is considered a

Which of the following is a demand determinant?

Which of the following is an example of a price ceiling?

Monopolistic competition is defined as having how many competitors?

When quantity demanded equals quantity supplied the market is said to be at

Which two market structures have relatively high barriers to entry?

A hurricane destroys oil refineries in Texas. Which of the following will result?

Payments made to business from the government in order to ensure that consumers have an affordable supply of the product

The demand for cell phone cases decreases when the price of cell phones goes up. What determinant caused the change?

What is a reason an entrepreneur might choose to establish a corporation over a partnership or a sole proprietorship?

If the price of steel increases what will happen to the supply of cars?

Which of the following is an example of a natural monopoly?

Two people own a store together. They share equal responsibility, liability & profit. What type of business is this?

A visual plot or graph that shows the quantity of goods that consumers are willing to buy at a series of possible prices

Which of the following would be considered a barrier to entry in building a new factory?

What is this character's middle name?

The tendency of consumers to buy a similar, lower priced product when a product becomes relatively more expensive.

The amount of money that remains after a business has paid all of the costs of production

Franchises are known as a “semi-independent business” because

Name the character in the blue shirt

If the price of pork increases which graph best represents what will happen to the supply for beef?

The government decides to raise taxes on cigarettes, what will happen to the supply of cigarettes?

The fundamental principle that motivates ALL business activity in the world at all times

The condition that occurs when a small increase in price causes a major decrease in the quantity demanded?

Which of the following would be an example of a price floor?

Which of the following is not a character on Friends?