Economics Unit 2 Review

Which of the following is minimum wage an example of?

The illegal action that occurs when businesses work together to eliminate competition?

Electric bill, buying resources, and income taxes are all examples of what?

Which of the following is NOT a condition for perfect competition?

Which of the following goods would NOT be considered inelastic in the short-term?

Which of the following changes would cause the shift in Supply shown below?

The measure of how responsive the demand for a good is to a price change is known as...

Which market structure is the most beneficial for the consumer?

Term for a union meeting with business reps to negotiate a new contract.

What is causing the change that is occurring in the graph?

The relationship between price and the amount of a good produced by the company.

A Change in Demand only occurs when what happens?

Market structure with 1 firm, complete barriers to entry, and complete control over prices.

The point on the supply and demand curves that demonstrates balance with quantity and price is?

How are wages for laborers determined in a free market economy?

Which of these is a disadvantage of forming a corporation?

Business organization that is responsible for producing the most goods.

Which of the following is an example of a natural monopoly? (2 correct answers)

Which of the following is NOT an example of non-price competition?

The 4 major cell phone service companies are an example of which market structure? 

Which economic concept is the graph representing?

When price goes up, quantity demanded goes down. This is the definition of...