In Monopolistic Competition, .....

producers supply a slightly differentiated product.

Perfect competition is characterized by:

the inability of any one firm to influence price

What does a surplus occur?

When prices are above equilibrium

What is market failure?

When the allocation of goods and resources is inefficient.

What is an oligopoly?

Several companies working together to dominate an industry

When there is just one seller in the market

money granted by the government to business or industries

what is the difference between a change in quantity demanded and a change in demand

a slide along demand curve VS.a shift of demand

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Econ Unit Two Review

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Questions 16

Answers

1
what are the Determinants of Demand?
All of the above
Complementary Goods
Changes in Population& Income &Tastes & Preferences
Substitutes
2
When quantity demanded exceeds quantity supplied
Subsidy
Recession
Shortage
Surplus
3
In Monopolistic Competition, .....
there are high barriers to entry.
firms have high market power
producers supply a slightly differentiated product.
there are large start-up costs
4
Which of the following are not complementary goods
bbq and charcoal
iPhone and Charger
beef and pork
snowboard and boots
5
What is a shortage?
equilibrium price
price below the equilibrium
price above the equilibrium
6
Perfect competition is characterized by:
the inability of any one firm to influence price
widely recognized brands
fierce quality competition
rivalry in advertising
7
What does a surplus occur?
When prices are below equilibrium
When prices are above equilibrium
When quantity demand exceeds quantity supplied
When quantity supplied is equal to quantity demanded
8
The change shown in the graph below is
increase in quantity supplied
Decrease in quantity supplied
increase in supply
Decrease in supply
9
What is market failure?
When there is a 3-firm concentration ration of 95%.
When the allocation of goods and resources is inefficient.
When there are not economies of scale.
When everyone has perfect knowledge about the market.
10
The point where quantity demanded equals quantity supplied
Equilibrium
Quantity Supplied
Quantity Demanded
Entrepreneur
11
What is an oligopoly?
Several companies working together to dominate an industry
A technical term for special effects
Oen of many roles on a film set
An advanced version of the game Monopoly
12
All of the following are determinants of supply EXCEPT
availability of substitutes
availability of resources
technology
number of competitors
13
Monopoly is
Where there are many sellers and many buyers
Quicker than pictionary
When there is just one seller in the market
When firms are price takers
14
subsidy
money granted by the government to business or industries
a person who donates a lot of money to charity
a millionaire
a branch or the government in Russia
15
Which product has an inelastic demand?
Gucci Bag
Toothpaste
Chanel Shoes
Chipotle
16
what is the difference between a change in quantity demanded and a change in demand
a shift of demand curve VS. slide along price axis
a shift of demand curve VS. a shift of demand curve
a slide along demand curve VS.a shift of demand
a slide on demand curve VS. a slide along demand curve

Econ Unit Two Review Flashcards | StudBud