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CCHS,Econ. Chap. 6/7

Test on Market Equilibrium, Market Ceiling, Market Floor

Define "market equilibrium." **Where is this point on the graph? It is when the buyer and seller have reached an equalized (informally 'agreed upon') price. **This is where the quantity supplied and quantity demanded intersect on the graph.
Define "market clearing price." This is the price that will 'clear' the product; The price at which most buyers will definitely buy a product.
A shortage for a good or service is created by a ______________. Price ceiling
This is the highest price that a business can sell a good, as a result of government regulations. Give an example. Price ceiling (ex. gas)
This is the lowest price a business can set for a good or service. Price floor (ex. minimum wage)
A surplus of a good or service is created by a ______________. Price floor
Give an example of perfect competitions. Is there product differentiation in this market? An example of perfect competitions is farming. There is not product differentiation in a perfect competition market structure. (tomato, t-ah-mot-oh.)
Which market structures are easy to enter? Perfect Competition and Monopolistic Competition are 2 market structures that are easy to enter.
Which market structures definitely have advertising? Monopolistic Competition AND Oligopolies definitely have advertising.
Give an example of a Pure Monopoly, an Oligopoly, Monopolistic Competition, and Perfect Competition. Pure Monopoly-utility companies and Major League Baseball; Oligopoly-airline companies and vehicle manufacturers; Monopolistic Competition-soda companies, chip companies, shampoo companies; Perfect Competition-Farmers
This is the market structure that has only ONE PRODUCER in the market structure. Pure Monopoly
Which market structures have pricing that depends on 'the competition?' Monopolistic Competition and an Oligopoly
Which market structures have no price differentiation? Perfect Competition and Pure Monopoly
There are 4 Types of Monopolies. What are they? Natural, Geographic, Technological, and Government
What is a natural monopoly? Give an example. A natural monopoly is a monopoly that occurs because of consumer choice. An examples are Facebook and MySpace (Facebook became popular and MySpace became 'a thing that was no longer used.)
What is a geographic monopoly? Give an example. This is a monopoly that occurs because of the geographical location. An example is when there is one gas station in a large area. The owner can charge a high price because consumers in that area are more likely to frequent that gas station.
What is a technological monopoly? This is when one owns a patent or right to a product. No one else can make it because all right reserved.
What is a government monopoly? Give and example. This is when a small town owns and runs a business. An example is public utilities.
Which market structures do NOT use advertising? Pure Monopoly and Perfect Competition
If the price of labor increases, does this impact SUPPLY or DEMAND? Increase or decrease? Supply, decreases supply.
If the price of iron decreases, does this impact SUPPLY or DEMAND? Increase or Decrease. Supply, increases supply
If a group of people migrate into an area, does this impact SUPPLY or DEMAND? Increase or Decrease. DEMAND, increases demand
If Kmart closes down, does this impact SUPPLY or DEMAND? Increase or Decrease? Supply, decreases supply.
If a business opens up an online store, does this impact SUPPLY or DEMAND? Increase or Decrease? Supply, increases supply.
If a sewing machine breaks, does this impact SUPPLY or DEMAND? Increase or Decrease? Supply, decreases supply.
If a new factory opens up and many people from the community get jobs, does this impact SUPPLY or DEMAND? Increase or Decrease? Demand, increases demand
If peanut butter goes on sale, does the SUPPLY or DEMAND of jelly change? Increase or Decrease. Demand, increases
If Skippy Peanut Butter goes on sale, what happens to Peter Pan Peanut Butter? The demand of Peter Pan Peanut Butter would decrease.
Created by: khanchett



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