UNIT 2 Vocab Quiz

What is the term for a market structure dominated by only a few firms?

• Sole proprietorship

• Oligopoly

• Monopoly

• Corporation

What is the term for a company viewed in the eyes of the law as an individual?

• Sole proprietorship

• Oligopoly

• Corporation

• Partnership

What is the term for numerous buyers and sellers and no control over price?

• Pure competition

• Monopoly

• Oligopoly

• Monopolistic competition

What is the term for the maximum amount of a product that can be charged for a specific product - causes a shortage?

• Law of demand

• Law of supply

• Price ceiling

• Price floor

What is the term for when demand is greater than supply?

• Surplus

• Shortage

• Price floor

• Price ceiling

What is the term for the minimum legal amount that can be charged for a specific product - causes a surplus?

• Price ceiling

• Price floor

• Surplus

• Shortage

What is the term for a firm in this illegal market structure would have almost total control over price?

• Monopoly

• Oligopoly

• Perfect competition

• Monopolistic competition

What is the term for multiple individuals owning a company and having unlimited liability?

• Corporation

• Partnership

• Sole proprietorship

• Monopoly

What is a single individual owning a company and having unlimited liability?

• Partnership

• Sole Proprietorship

• Monopoly

• Coporation

When price and quantity demanded has an inverse relationship.

• Law of Supply

• Price Floors

• Law of Demand

• Price Ceilings