UNIT 2 Vocab Flashcard

Front

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

Back

Oligopoly

Front

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

Back

Corporation

Front

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

Back

Pure competition

Front

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

Back

Price ceiling

Front

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

Back

Shortage

Front

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

Back

Price floor

Front

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

Back

Monopoly

Front

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

Back

Partnership

Front

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

Back

Sole Proprietorship

Front

When price and quantity demanded has an inverse relationship.

Back

Law of Demand