SHS Economics Unit 2

supply curve that shows the quantities offered at various prices by all firms that sell the product in a given market

illegal agreement among producers to fix prices, limit output, or divide markets

branch of economic theory that deals with behavior and decision making by small units such as individuals and firms

illegal agreement by firms to charge a uniform price for a product

decrease in satisfaction or usefulness as additional units of a product are acquired

market struct. in which a firm has a monopoly bc it owns/controls a mfg method, process, or other scientific adv.

a graph that shows the quantities supplied at each and every possible price in the market

graph showing the quantity demanded at every possible price that might prevail in the market at a given time

monopoly created and/or owned by the government

rule stating that more will be demanded at lower prices & less at higher prices

competition based on a product’s appearance, quality, or design, rather than its price

responsiveness of quantity supplied to a change in price

group of firms producing similar or identical products

market structure that req. 3 conditions: very lg numbers of buyers/sellers, identical products, & freedom of entry/exit

market structure having all conditions of pure competition except for identical products;a form of imperfect competition

amount of a product offered for sale at all possible prices in a market at a given point in time

market structure in which a few large sellers dominate & have the ability to affect prices in the industry

philosophy that government should not interfere with business activity

different amounts offered for sale at each and every possible price in the market; shift of the supply curve

something that motivates

market structure in which average costs of production are lowest when all output is produced by a single firm

principle that more will be offered for sale at high prices than at lower prices

market structure in which a firm has a monopoly because of its location or the small size of the market

government payment to encourage or protect a certain economic activity

change in amount offered for sale in response to a price change; movement along the supply curve

market structure characterized by a single producer; form of imperfect competition

real or imagined differences between competing products in the same industry

market classification according to number and size of firms, type of product, and type of competition

satisfaction or usefulness obtained from acquiring one more unit of a product

listing showing the quantity demanded at all possible prices that might prevail in the market at a given time

table showing the quantities produced or offered for sale at each & every possible price in the market at a given point

amount offered for sale at a given price; point on the supply curve

combination of quantities that someone would be willing & able to buy over a range of possible prices at a given moment

demand curve/shows the quantities demanded by everyone who is willing & able to purchase a product @ all possible prices

market struct. characterized by a lg # of ind. buyers/sellers who exchange ident. products & have freedom of entry/exit