Unit 3 Review

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

When graphed, a supply curve would

What is a beginning business enterprise?

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

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

What is an additional amount of satisfaction?

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

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

People who start their own business are known as

What type of merger is illustrated below?

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

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

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

What type of merger is illustrated below

Small business incubators provide new businesses with

In a limited partnership

The quantity demanded of a product is affected by

When prices are above the equilibrium price,

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

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

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

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

In a perfectly competitive market,

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

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

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

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

A corporation's board of directors

The interaction of supply and demand determines the

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

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

A corporation is owned by

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

In a perfectly competitive market, there would be

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

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

One of the biggest disadvantages of a sole proprietorship is that

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

Who is an owner of a business?

Diminishing marginal utility refers to the fact that

Natural monopolies are businesses that

Nonprice competition is a characteristic of both

In an oligopoly,

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

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

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

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