Economics Unit 2 Terms

market structure in which a few large firms dominate a market

quantity demanded is more than quantity supplied

two or more companies join to make a single firm

the idea that the government should not intervene in the economy

the minimum price that can legally be paid for a good or service

the maximum price that can legally be charged for a good or service

a cost that does not change no matter how much of a good is produced

illegal grouping of companies that discourages competition

measure of how consumers respond to price changes

government payment that supports a business or market

government intervention in a market that affects the production of a good

a good that consumers demand more of when their income increases

the extra costs of adding one unit

the removal of some government controls over a market

the cost that rises or falls depending on the quantity of production

the point at which the demand for a product is equal to the supply of the product

market structure in which many companies sell products that are similar and not identical

producers offer more of a good s its price increases and less as its price decreases

the sum of fixed and variable costs

quantity supplied is more than quantity demanded

consumers will buy more of a good when its price is lower and less when its price is higher

a good that consumers demand less of when their income increases

a market in which a single seller dominates

the minimum price that an employer can pay a worker for an hour of pay

a market structure in which a large number of firms all produce the same product.