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Microeconomics
Microeconomics
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#economics
Flashcards
20 cards
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Questions
20
Answers
1
Describe the role of buyers & sellers in determining equilibrium price.
Prices provide incentives for both buyers and sellers
Market prices and competition influence economic behavior
They determine the price of goods and services
2
What can cause a change in supply?
Price of strawberries decreases
An increase in the price of gasoline
Making production more efficient and less expensive
3
When many firms sell similar but not identical products it's a
Oligopoly
Monopolistic Competition
Pure Competition
Monopoly
4
What does this graph represent?
The Circular Flow
The Market Structures
Supply and Demand
5
What is the Law of Demand?
More money will be destroyed due to droughts
More will be demanded at higher price than at lower price
More will be demanded at lower prices & less at higher $
6
Which form of business has limited liability?
Corporation
Partnership
Sole Proprietorship
7
Does this area of the graph illustrate a shortage or surplus?
Shortage
Surplus
8
When there's many competitors and identical products it's a
Oligopoly
Pure Competition
Monopolistic Competition
Monopoly
9
What is Law of Supply?
More will be demanded at a lower price & less at a higher $
Consumers change their demand due to price change
More will be offered for sale at a high price than low price
10
When a person or group has complete control over a market it's a
Oligopoly
Pure Competition
Monopolistic Competition
Monopoly
11
A market dominated by a few large suppliers is a
Monopoly
Oligopoly
Monopolistic Competition
Pure Competition
12
How do prices serve as incentives in a market economy?
The govt. regulates the incentives in a market economy
When there is an incentive, people don't want to buy more
Buyers feel like they are getting more for their money
13
Explain the role of money as a medium exchange.
Scarcity
Embargo on trade
Anything accepted as a form of payment
14
What is Price Elasticity?
When price gets stretchy
When consumers change their demand due to price change
Price being at zero on a graph
15
How do price floors create surpluses?
When a minimum amount must be paid for a good or service
When it's set below the market price
When it's imposed on suppliers
16
In which business is financing easier?
Partnership
Corporation
Sole proprietorship
17
What are the four types of market structures in the U.S. economy?
Traditional, Market, Command, and Mixed
Structural, Seasonal, Cyclical, and Frictional
18
Which form of business does NOT have limited life?
Corporation
Sole Proprietorship
Partnership
19
Which business organization is owned by stockholders?
Partnership
Corporation
Sole Proprietorship
20
In which business are profits/losses yours?
Sole Proprietorship
Partnership
Corporation
