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Unit 2 Microeconomics Vocabulary

Authored by Wayground Content

Social Studies, Business

10th - 12th Grade

Used 15+ times

Unit 2 Microeconomics Vocabulary
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20 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Q1: The study of how households and firms make decisions and how they interact in markets

Microeconomics

Macroeconomics

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Q14: A legal minimum on the price at which a good can be sold.

Equilibrium Price

Price Floor

Price Ceiling

Surplus

Shortage

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Q26: When many businesses sell the same product and there is a plentiful supply of that good or service.

Monopoly

Oligopoly

Monopolistic Competition

Perfect Competition

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Q24: A market structure in which a few large firms dominate a market.

Monopoly

Oligopoly

Monopolistic Competition

Perfect Competition

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Q19: Price ceiling created by the government that creates affordable pricing in shelter.

Minimum Wage

Rent control housing

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Q7: Producers offer more of a good as its price increases and less as its price falls.

Law of Supply

Law of Demand

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Q22: A business owned by stockholders who share in its profits but are not personally responsible for its debts.

Sole Proprietorship

Partnership

Corporation

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