Microeconomics Vocabulary Quiz

Which law states that the price of a good and the quantity demanded have an inverse relationship?

• law of demand

• law of supply

When there is a single seller in the market, it is called a _______?

• partnership

• corporation

• oligopoly

• monopoly

The __________ ________ is where the supply of goods matches demand.

• equilibrium price

• price floor

• price ceiling

• law of supply

An ___________ is when a few companies have significant control over a given market.

• partnership

• oligopoly

• monopoly

• revenue

A is the lowest legal price that can be paid in a market for goods and services, labor, or financial capital.

• revenue

• price ceiling

• equilibrium Price

• price floor

________ ________ exists when many companies offer competing products or services that are similar, but not perfect, substitutes.

• monopolistic competition

• corporation

• oligopoly

• law of supply

A ________ is a business entity that is owned by its shareholders.

• monopoly

• oligopoly

• corporation

• sole proprietorship

A _______ _______ is the highest point at which goods and services can be sold.

• price ceiling

• equilibrium price

• price floor

• surplus

What happens when there is more supply than demand?

• equalibirum

• shortage

• surplus

• monopoly

A _______ _______ is an unincorporated business that has just one owner.

• sole proprietorship

• oligopoly

• partnership

• monopolistic competition