Pearson ch 2 - competitive markets

according to Friedman - a market does care about your - straight out of the text - ^{reading is important you have to engage with what you read - good to check exercises to confirm your understanding}

• religion

• money

• colour

• hates or likes

What refers to the entire activity of buying and selling that takes place out in the real world?

• consumption

• market

• innovation and salespersonship

• scarcity

What type of market does this image represent?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

What type of market is this image represent

• Monopoly
• Oligopoly
• Perfect Competition
• Monopolistic Competition

What type of market does the image represent?

• Perfect Competition
• Monopolistic Competition
• Oilgopoly
• Monopoly

What type of market does the image represent?

• Perfect Competition
• Monopolistic Competition
• Oligopoly
• Monopoly

What type of monopoly does this image represent?

• Natural
• Technological
• Geographical
• Government

Which of the following best describes the Law of Demand?

• As price goes down, demand goes down. (and vice versa).
• As price goes down, demand goes up (and vice versa).
• As demand goes down, supply goes up.
• As demand goes up, price becomes elastic.

A change in demand is shown

• along the demand curve
• with a new demand curve above or below the original demand curve
• without a demand graph
• with a totally vertical line

A change in quantity demanded is shown- the words you use are really important

• movement up or down along the demand curve

• with a new demand curve drawn above or below the original demand curve

• with a vertical line