Unit 3 Review

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

A corporation is owned by

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

When graphed, a supply curve would

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

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

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

In a perfectly competitive market, there would be

In an oligopoly,

The interaction of supply and demand determines the

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

Small business incubators provide new businesses with

Nonprice competition is a characteristic of both

People who start their own business are known as

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

A corporation's board of directors

What type of merger is illustrated below

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

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

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

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

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

In a perfectly competitive market,

Diminishing marginal utility refers to the fact that

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

When prices are above the equilibrium price,

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

A disadvantage of sole proprietorships and partnerships is that they have

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

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

What is an additional amount of satisfaction?

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

One of the biggest disadvantages of a sole proprietorship is that

Natural monopolies are businesses that

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

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

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

In a limited partnership

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

What type of merger is illustrated below?

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

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

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

The quantity demanded of a product is affected by

What is a beginning business enterprise?

Who is an owner of a business?

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