MicroEconomic Terms

A formal organization of producers that agree to coordinate price and production?

Objects that have value in themselves as well as for use as money

Fixed costs plus variable costs?

An agreement among firms to charge one price for the same good?

Goods that are used in place of one another?

The tendency of consumers to buy more of somethng as price goes dwn and less when price goes up

Costs that do not change, no matter how much of a good is produced?

A market that is dominated by a single form

A business owned and managed by a single individual?

Describes supply/demand that is not sensitive to a change in price

When marginal production levels decrease with new workers?

When two or more people share in the responsibility and profit of a business?

The maximum price that can be legally charged for a good or service?

The tendency of suppliers to supply more as price goes up and less as price goes down is what

The minimum price for a good or service

When quantity supplied is less than quantity demanded?

anything that serves as a medium of exchange, a unit of account, and a store of value?

Force that encourages people and organizations to increase their material well-being?

The cost of producing one more unit of a good?

Goods that are typically bought together?

Describes supply/demand that is very sensitive to a change in price?

When quantity supplied is greater than quantity demanded