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Microeconomics EOCT Domain Review
Terms in this set (15)
If you keep buying despite a price increase, your demand is:
The "Law of Demand" says:
The lower the price, the more consumers will buy.
According to the "Law of Supply":
The higher the price, the larger the production.
Marginal Cost is:
The cost of producing one more unit of a good.
A market is in equilibrium when:
The quantity supplied and demanded are equal.
When does a surplus exist?
When there is a greater supply of a good than people want to buy.
A market structure with many buyers and sellers is called:
Who faces limited liability, in the form of money, for the firm's debt in a corporation?
If a general partnership fails, who is responsible for the debts?
All of the partners.
What is a fringe benefit?
A payment other than wages and salaries.
What happens to job opportunities when wages go up?
The quantity of labor goes down because employers don't want to pay that much.
An organization that tries to improve working conditions, wages, and benefits from its' members is a:
A joining of 2 or more businesses involved in different stages of producing the same good and service is called?
A Vertical Merger.
A "subsidy" is:
A government payment to support a business or market.
What is an "Oligopoly:?
A market structure where a few large firms dominate the market.
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