Week 2: APPLICATION OF DEMAND & SUPPLY
Quiz by Camille Garcia-Santiago
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- Q1
Are the consuming units in an economy.
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It is best defined as the organizational and other characteristics of a market.
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Is an organization that transforms resources (inputs) into products (outputs).
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Are the markets in which labor resources – labor, capital, and land – used to produce products,are exchanged.
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In which households supply land or other real property in exchange for rent.
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Shows how much of a given product a household would be willing to buy at different prices.
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Is the sum of all households, wages, salaries, profits, interest, payments, rents, and other forms of earnings in a given period of time.
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It is also referred as “Pure Competition”.
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A firm takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other firms.
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It is a situation in which a particular market is controlled by a small group of firms.
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