Microeconomics

Which way on a demand or supply curve does the line move to demonstrate a decrease?

Which way on a demand or supply curve does the line move to demonstrate an increase?

What is considered the most common form of business organizations?

What are willing to accept as payment for goods at a set price?

Which market structure has a large number of buyers and sellers of an IDENTICAL product?

Which market structure only have a few sellers of a product like Coco-cola and Pepsi?

What is the responsiveness of CONSUMERS to change in price?

What motivates entrepreneurs to start a business?

What is the responsiveness of SUPPLIERS to change in price?

Which market structure has only ONE seller dominating the market?

Which market structure would Hollister, American Eagle, Buckle, and Levi be an example of?

What is an example of price floor?

What do price floors create?

What is considered to be an example of price ceiling?

Which business organization is owned by shareholders with limited liability?

Which business organization is easy to start, 2 or more people, and the least common form?

What do price ceilings create?

When consumers are willing to buy more goods and services at lower prices is _______.

This is where quantity supplied (sellers) and quantitiy demanded (buyers) are equal?

What is the law of supply?