Econ mid term Word Scramble

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Question	Answer
If two shops sell the same merchandise but one offers a higher level of service the service distinction is	Non-price competition
A major characteristic of monopolistic competition is that prices will be	Higher than imperfect competition
A cartel is able to survive only If	All members keep agreed output levels
The main difference between monopolistic competition in perfect competition is that	In monopolistic competition sellers completely control price
Which legislation enacted in 1947 may have been the reason for the decline in union membership	The Taft Hartley act
What is one of a labor unions primary goals	To secure its members jobs
What is considered a negative impact of a strike on an employer	Loss of profits
In which sectors has union membership grown in recent years	Public sector only
A government aim and giving an antitrust exemption to sports leagues is	To allow leagues to keep team plays stable and orderly
A discounted airline fare is a price discrimination that can be offered because	Vacationers are willing to put up with the airlines restrictions
Patents are a form of monopoly you guys society allows because they	Encourage firms to develop new products that benefit society
The controller of a monopoly sets the price of goods by charging	The price at which the profit it maximized
For which of the following goods is supply likely to be inelastic in the short term weather prices rise or fall	Cargo ships
When the price of a product goes down what happens	Some producers produce less and others drop out of the market
A supply schedule is characterized by which of the following	It lists supply for a specific good
Which of these best describes a supply curve	It always rises from left to right
How can expectations about the future change consumer behavior	Demand for a good rises if its price is expected to rise
How many advertising lead to a shift in the demand curve	By helping to create fads and trends
When will increase demand for one good increase demand for another	When goods are used together
What can cause an entire demand curve to shift	A change in demographics
Why does an economic create a market demand schedule	To predict how all people will change their buying habits
What does it mean when you have a demand for a service or good?	You are willing and able to buy it at the given price
If prices rise but not income what is the effect on demand	Fewer goods are bought
What happens when the price of item A increases?	Consumers will buy the cheaper item B as a substitute
What effect do rising input costs have on the price of a good	The good becomes more expensive to produce
How does the new technology generally affect production	It lowers cost and increases supply
What is one reason European governments protect the growing of food with subsidies?	To have food in case imports are ever restricted
If a seller expects the price of a good to rise in the future the seller will	Store these goods until the price goes up

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