Unit 2 Test Review: Supply & Demand, Market Structures & Failures

When demand increases, the demand curve shifts

In the market for car tires, the cost producers pay for rubber and steel belting rises

In the market for chocolate, disease in cocoa trees reduces the size of the harvest

Is the following graph showing a price ceiling or price floor?

How do corporations raise money?

Public goods are

According to the law of demand, as price rises

What is the best explanation for the change you see in the supply curve?

In which market structure does the following fall under?

Externalities are a type of market failure

In the market for wheat, new technology improves farming and harvesting techniques

A college graduate gets a high paying job starts buying name brand products instead of generic items, what is this?

Which of the following might have caused the demand curve to shift right?

A decrease in supply will cause the equilibrium price to

If the demand curve shifts left, what will happen to the market price and quantity?

Airlines would fall under which of the following market structures?

In the market for soda, consumers cut back on drinking sugary drinks

If two goods are complements

A price ceiling must be placed ______ equilibrium in order to change the market

When the supply curve shifts right, what happens to market price and quantity?

Monopolies that are allowed and regulated by the government.

In the market for new homes, consumer incomes rise

Is the image in the graph a price ceiling or a price floor?

This market structure only has ONE seller.

WHAT IS A SOLE PROPRIETOR?

Which is not a business structure?

An inferior good is...

Which business organizations have a limited life?

Which of these is not a market structure

How many different types of monopolies are there?

An advantage of a corporation is?

At a price floor, the market condition that results is called a(n)

Which business structure has limited liability?

Which type of business structure is the most numerous in the United States?

According to the law of supply, as prices fall

Choose two public goods...

Which of the following is true about the market clearing (equilibrium) price?