Economic Concepts and Market Structures

Mr. Goyet provides an overview of the upcoming online exam for economics students, covering key terms from chapters 5 and 6. He discusses important economic concepts such as prices, externalities, surplus, shortage, market structures, and antitrust legislation. The lecture emphasizes understanding these concepts for the exam, with a focus on practical examples and their implications in real-world scenarios.

What is the deadline for submitting the online exam?

• Friday

• Thursday

• Monday

• Wednesday

In a free market, what serves as the main form of communication between producers and consumers?

• Prices

• Advertising

• Quality

• Branding

Which of the following is an example of a negative externality?

• A neighborhood watch program

• A local charity event

• Pollution from a factory

• A new park in the community

What occurs when the quantity supplied exceeds the quantity demanded?

• Shortage

• Deficit

• Equilibrium

• Surplus

What is rent control an example of?

• Subsidy

• Market equilibrium

• Price ceiling

• Price floor

Which market structure is characterized by a few large sellers?

• Monopolistic competition

• Monopoly

• Perfect competition

• Oligopoly

What type of monopoly develops due to economies of scale?

• Geographic monopoly

• Natural monopoly

• Legal monopoly

• Technological monopoly

Which legislation was enacted to prevent and dismantle monopolies?

• Environmental regulations

• Consumer protection laws

• Antitrust legislation

• Labor laws

What is an example of a price floor?

• Subsidy

• Minimum wage

• Rent control

• Tax

What is a black market?

• A market with government subsidies

• An illegal market for goods and services

• A market with price controls

• A legal market with high prices