Microeconomics

What is a market structure with a large number of buyers and sellers of an identical product?

• Monopoly

• Oligopoly

• Perfect (Pure) Competition

• Monopolistic Competition

What is the maximum legal price set below the equilibrium price that causes shortages?

• Price Ceiling

• Price Floor

• Surplus

• Shortage

What is a model economists use to show the relationships in the economy, where business and households are the actors in the economy who interact in the resource and product market?

• Monopoly

• Oligopoly

• Circular Flow Diagram

• Market Clearing or Equilibrium Price

What is the point of intersection between the market demand curve and the market supply curve?

• Market Demand Curve

• Market Supply Curve

• Market Clearing or Equilibrium Price

• Dividend

What are firms (businesses) legally owned by two or more people called?

• Partnerships

• Corporations

• Sole Proprietorship

• Dividend

What states as the price of a good rises the good consumers are will and able to buy will decrease?

• Law of Supply

• Monopoly

• Supply Schedule

• Law of Demand

What is it called when there is a larger quantity supplied than there is quantity demanded?

• Surplus

• Shortage

• Market Clearing or Equilibrium Price

• Dividend

What shows all the quantities of a good, service or resource sellers are willing and able to supply at each price?

• Supply Schedule

• Market Supply Curve

• Demand Schedule

• Market Demand Curve

What market structure has only a few sellers of a product who dominate the market?

• Monopoly

• Partnership

• Sole Proprietorship

• Oligopoly

What are the money payments distributing some of a firm's profit to shareholders on a quarterly basis?

• Paycheck

• Capital Gains

• Dividends

• Surplus