Microeconomics Quiz

___________________ The potential benefits that an individual, investor, or business misses out on when choosing one alternative over another.

____________________ The state where the quantity of a good or service demanded is greater than the quantity supplied.

____________________ Market structure in which a single company or entity has exclusive control over a particular product or service.

____________________ Refers to how the quantity demanded or supplied of a good changes when its price changes

____________________ The amount of a good or service that a producer/seller is willing and able to provide to buyers.

____________________ A corporation made up of several smaller companies, often operating in unrelated industries.

____________________ The state where there are more goods and services available in an economy than consumers purchase or use.

___________________ The idea that if you choose one thing, you are going to lose another.

____________________ The limited availability of a resource in comparison to the limitless wants of people.

____________________ The willingness and ability of consumers to buy a specific amount of a good or service at a given price.