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Chapter 16 Vocab - Part 2

Authored by Marc Stendeback

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Used 4+ times

Chapter 16 Vocab - Part 2
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14 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a location or an arrangement that allows buyers and sellers to get together and buy or sell a certain product

competition
market
consumer
demand

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the price set for a good or service in the marketplace, where demand and supply are perfectly balanced

equilibrium price
consumer
producer
shortage

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a person who buys goods and services

equilibrium price
consumer
producer
shortage

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a person or business that provides goods and services

equilibrium price
consumer
producer
shortage

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

efforts by different businesses to sell the same good or service

market
competition
surplus
shortage

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

situation in which the amount of a good or service supplied by producers is greater than the amount demanded by consumers

market
competition
surplus
shortage

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the amount of a good or service that producers are willing and able to sell over a range of prices

consumer
producer
demand
supply

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