Unit 2 Review

A good that can be used in place of another good?

• Complementary good
• Substitute good
• Durable good
• Public good

When price varies indirectly with demand?

• Law of Demand
• Demand Schedule
• Demand Curve
• Utility

The more we get of something, the less and less useful each on becomes?

• Oligopoly
• Monopoly
• Diminishing Marginal Utility
• Shortage

When Q demanded is greater than Q supplied?

• Price Floor
• Price Ceiling
• Surplus
• Shortage

The maximum legal price that can be paid?

• Price Floor
• Price Ceiling
• Surplus
• Shorage

When companies join or act together to eliminate competition?

• Monopoly
• Monopsony
• Oligopoly
• Collusion

A market that has a lot of competition and deals with identical products?

• Pure Competition
• Monopolistic Competition
• Oligopoly
• Monopoly

A market that only has a few competitors like Coke and Pepsi?

• Pure Competition
• Monopolistic Competition
• Oligopoly
• Monopoly

Price that clears the market where suppliers and demanders agree?

• Suplus 
• Shorage 
• Equilibrium
• Price Ceiling

Government program where loans are given to farmers and the repay can be done with cash or crops?

• Loan support
• Deficiency payment
• Price Ceiling
• Price Floor