Standard Econ. Sem 2 -Review 2

What is the concept that society's goals will be met as individuals seek their own self-interest through the forces of supply and demand?

• Market Failure

• Monopoly Power

• Invisible Hand

• Oligopoly Control

Which type of economy is characterized by many small firms producing identical products with no individual firm having control over the market price?

• Oligopoly

• Monopoly

• Monopolistic Competition

• Perfect Competition

What is a situation where the market structures do not allocate resources in the most efficient way?

• Market Success

• Market Equilibrium

• Market Failure

• Market Competition

Which type of business is owned and run by one individual with no distinction between the business and the owner?

• Multinational

• Sole Proprietorship

• Corporation

• Partnership

What is a situation that results in a cost for a different person other than the original decision-maker?

• Market Control

• Tragedy of the Commons

• Positive Externality

• Negative Externality

Which type of good is non-rival and non-excludable?

• Common Good

• Club Good

• Public Good

• Private Good

What is the program designed to limit the total level of pollution produced by companies in a certain area?

• Cap & Trade

• Market Subsidy

• Monopoly Regulation

• Oligopoly Agreement

Which type of market structure is characterized by a small number of large firms dominating the market with significant control over prices?

• Monopolistic Competition

• Perfect Competition

• Oligopoly

• Monopoly

What is the term for a situation where goods that are available to everyone are often polluted since no one has the incentive to keep them clean?

• Market Equilibrium

• Market Failure

• Tragedy of the Commons

• Market Success

Which type of economy is a system where the three main economic questions are answered by the market?

• Command Economy

• Traditional Economy

• Market Economy

• Mixed Economy