Unit 3 Review

Small business incubators provide new businesses with

The quantity demanded of a product is affected by

an economic rule stating that the quantity demanded and price move in opposite directions

What is a reduction of government regulation and control over business activity?

an economic concept dealing with consumers' responsiveness to an increase/decrease in price

An economic concept that deals with how much price affects the amount people are willing to buy

What type of merger is illustrated below

In the US, which type of business accounts for the greatest share of revenues?

Diminishing marginal utility refers to the fact that

People who start their own business are known as

What are obstacles to competition that prevent others from entering the market?

Using the graph, what is the quantity demanded of pizza slices at a price of $2?

Natural monopolies are businesses that

A corporation's board of directors

What is the extent to which competition prevails in particular markets?

When people's incomes fall, they usually consume less of a good. This is called the

In an oligopoly,

If quantity demanded is greater than quantity supplied at a particular price,

What is an upward-sloping line that shows in graph form the quantities supplied at each price?

The interaction of supply and demand determines the

What is the legal maximum price that may be charged for a particular good or service?

What is a large corporation made up of smaller corporations dealing in unrelated businesses?

Nonprice competition is a characteristic of both

When the price of a good is too high for consumers, they look for

What is a partnership set up for a specific purpose for a short period of time?

A corporation is owned by

What is a market situation in which a single supplier makes up an entire industry?

What is a market in which there are many buyers/sellers and no single one can affect price?

According to the law of supply, higher prices prompt producers to:

In a limited partnership

When prices are above the equilibrium price,

In a perfectly competitive market,

Which of the following would cause a decrease in demand (shift to the left)?

A partnership set up for a specific purpose for a short period of time is known as a

What type of merger is illustrated below?

One of the biggest disadvantages of a sole proprietorship is that

Where can a person look for help in starting a new business?

A requirement that an owner is personally and fully responsible for all losses and debts?

What is a transaction in which a buyer and a seller work out their own terms of exchange?

What is a set of rules describing how stock will be sold and dividends paid?

What is an additional amount of satisfaction?

What are laws passed to prevent new monopolies from forming and break up those existing?

In a perfectly competitive market, there would be

A disadvantage of sole proprietorships and partnerships is that they have

What is a beginning business enterprise?

When graphed, a supply curve would

Who is an owner of a business?

What is an extra supply of the items used in a business?