Microeconomics - Unit 2

Supply is the total amount of ______________ that are available to consumers

• goods or services

• wages and salaries

Demand means you have

• the ability to purchase something

• the ability and desire to purchase something

The "market clearing price" is most closely associated with

• the equilibrium price

• the price index

Which market structure has the least competition

• monopoly

• oligopoly

A price set below the current market price is a characteristic of a

• price floor

• price ceiling