Econ Unit Two Review

A complement for a laptop would be:

The monetary value of a product established by supply and demand is called:

The desire, ability, and willingness to buy a product

During WWII, products were in short supply so the government_________them.

Added satisfaction/ usefulness a person gets from acquiring/ using 1 more unit of a product 

An example of an oligopoly is:

A market structure with a single seller of a particular product is:

When settting a price for an item, producers must think of demand and

Buying a product based on the social status of others who own the product is ___differentiation

Elasticity where a price change causes a relatively larger change in quantity demanded

If a business sells 50 stuffed unicorns at $5.00 each, what is their total revenue?

The highest price the government can set for an item

Bottled water became popular so companies rushed to produce it; the supply of bottled water is 

Buyers want prices that are___, sellers want prices that are____.

Prices are____, so high prices of pineapple will return to normal after a hurricane

According to the Law of Demand, Krogers can bring customers in by:

Apple juice is too expensive, so I buy OJ instead. OJ is a________

E-commerce has become an appealing way of doing business because:

The philosophy that government should not interfere with business activities is know as:

The Law of Supply states, when the price of a product goes up, supply will:

I can't wait for November 1st to by the ______ of Halloween candy for 50% off!

Costs of doing business, such as raw materials, hourly labor, and utilities are categorized as:

There is no substitute so table salt is:

In a market economy, economic decisions are made by:

The quantity of a product offered for sale at all possible prices is called: