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The Eddie,Luke,Parker Econ Quiz Flashcards | StudBud
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The Eddie,Luke,Parker Econ Quiz
A partnership is 2 people
Law of Supply is
The Eddie,Luke,Parker Econ Quiz
15 terms
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Answers
1
Law of Supply is
a shortage of a good or service will have to be sold
the price of a good or service will be pushed to where supply=demand
a positive relationship between price and quantity supplied
inverse in relationship between price/quantity demanded
2
A partnership is 2 people
False
True
3
Ceteris Paribus means "all else equal"
False
True
4
Elasticity is when
responsiveness of demand to an increase/decrease in price of good/service
Not a neccessity and lots of alternatives
How much something can stretch out
5
Oligopoly is a market structure in which a few large firms dominate a market
True
False
6
Equilibrium is mainly a shortage in the product
True
False
7
What is the definition of Supply?
to sell a product
Total amount of Good or Service available to purchase
Willingness and ability to purchase good or service
to buy
8
Demand is the willingness and ability of the people to purchase a good or service during a specific time period
False
True
9
Perfect competition is when there are few buyers and sellers
True
False
10
A sole proprietor is when there are multiple people
True
False
11
Law of Demand is
a low surplus
inverse in relationship between price/quantity demanded
negative relationship in price and quantity
need in supplies because I don't have enough
12
Surplus is when you have too much product
True
False
13
Shortage is when you are low on product
False
True
14
Monopoly is the exclusive possession or control of the supply or trade in commodity or service
False
True
15
corporation is one person
False
True
