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ECON 200 Lecture Notes - Lecture 6: Perfect Competition, Demand Curve

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30 Aug 2018

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ECON 200 Full Course Notes

ECON 200 Full Course Notes

Document Summary

Chapter 4 the market forces of supply and demand. Supply and demand are the forces that make market economies work. Terms supply and demand refer to the behavior of people as they interact with one another in competitive markets. Market is a group of buyers and sellers of a particular good or service. The buyers as a group determine the demand for the product, and the sellers as a group determine the supply of the product. Price and quantity are determined by all buyers and sellers as they interact in the marketplace. Competitive market a market in which there are so many buyers and so many sellers that each has a negligible impact on the market price. Monopolies only have one seller, and that seller sets the price. Quantity demanded - amount of the good that buyers are willing and able to purchase. Price of a good is the biggest determinant to the quantity demand of a good.

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Related Questions

In a competitive market, each seller has limited control over the price of his product because

a.other sellers are offering similar products.

b.in competitive markets, buyers have more influence over price than sellers.

c.the products sold in competitive markets are generally in abundant supply.

d.sellers in competitive markets prefer to meet and set a price that each will profit from.

amaranthwildebeest374

Markets explained on the basis of supply and demand:

A. assume many buyers and many sellers of a standardized product.

B. assume market power so that buyers and sellers bargain with one another.

C. does not exist in the real-world economy.

D. are approximated by markets in which a single seller determines the price.

1. In a competitive market, the quantity of a product produced and the price of the product are determined by

a. buyers.

b. sellers.

c. both buyers and sellers.

d. None of the above is correct.

2. Which of the following statements is correct?

a. Buyers determine supply and sellers determine demand.

b. Buyers determine demand and sellers determine supply.

c. Buyers determine both demand and supply

d. Sellers determine both demand and supply

3. The demand for a good or service is determined by

a. those who buy the good or service

b. the government.

c. those who sell the good or service.

d. both those who buy and those who sell the good or service.

4. An increase in supply is represented by

a. a movement downward and to the left along a supply curve.

b. a movement upward and to the right along a supply curve.

c. a rightward shift of a supply curve.

d. a leftward shift of a supply curve

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