Unit 2 Economics Review

Hotels, restaurants, and bars are examples of

Which market structure is the easiest to enter?

As price goes up, quantity goes up is the law of

The study of smaller units such as individual and business decisions as well as particular markets is referred to as

How many sellers are in a monopoly?

The relationship between hotdogs and hotdog buns is that they are

For demand to exist, consumers must be

The law that states the more you consume, the less useful each unit is (ex., first car compared to second car)

If your demand for a good is not sensitive to price change is referred to as

Prices

Social Media companies are an example of which market structure?

Which could decrease supply of BMWs?

The Law of Demand states

A substitute for butter is

Which of the following does NOT change demand?

If my income falls, I buy

Total Revenue - Total Costs =