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ECON 201 Chapter Notes -Ceteris Paribus, Demand Curve, Cable One

Market: a group of buyers and sellers of a particular good or service. Buyers/sellers as a group determine the demand/supply of the product. Competitive market: a market in which there are many buyers and sellers so that each has a negligible impact of the market price. Each seller has limited control over the price because others are selling similar products. Perfectly competitive ex. wheat: goods offered for sale are exactly the same, buyers and sellers are so numerous that no single buyer or seller has any influence over the market price. Cable: one seller that sets the price. Quantity demanded: the amount of a good that buyers are willing and able to purchase. Law of demand: the quantity demanded of a good falls when the price of the good rises, ceteris paribus. the quantity demanded. Demand schedule: a table that shows the relationship between the price of a good and.

United States

Principles of Macroeconomics

Economics

Dr.Neri

University of Maryland

Marketing Principles and Organization

Business Law I

Principles of Microeconomics

Intermediate Macroeconomic Theory and Policy

<p>A competitive market is one in which:</p>
<p>a. is only one seller, but many buyers. </p>
<p>b. are many sellers, and each has the ability to set the price of his product. </p>
<p>c. are many sellers and compete with one another in such a way that some sellers are always being forced out of the market. </p>
<p>d. are so many buyers and so many sellers that each has a negligible impact on the price of the product. </p>

<div style="text-align: justify;">In a competitive market, each seller has limited control over the price of his product because</div>
<div style="text-align: justify;"> </div>
<div style="text-align: justify;">a.other sellers are offering similar products.</div>
<div style="text-align: justify;">b.in competitive markets, buyers have more influence over price than sellers.</div>
<div style="text-align: justify;">c.the products sold in competitive markets are generally in abundant supply.</div>
<div style="text-align: justify;">d.sellers in competitive markets prefer to meet and set a price that each will profit from.</div>

<p>Which of the following statements correctly describes a competitive market?</p>
<p>A) The market price for the same good varies from seller to seller.</p>
<p>B) Sometimes, a single seller has the ability to dictate the market price.</p>
<p>C) The market price is determined by the interaction of demand and supply.</p>
<p>D) Buyers and sellers negotiate prices before making exchanges.</p>

ECON 201 Chapter Notes -Ceteris Paribus, Demand Curve, Cable One

ECON 201 Full Course Notes

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