Chemistry Master Revision – Unit 2 – Microeconomics Competitive Markets: Demand and Supply 2.1

A place where sellers and consumers meet to sell and purchase goods and services.

Goods and services are sold in product markets, while resources (factors of production) are sold in a resource market.

It is a market situation where one company owns all the product, controlling prices and output.

<p>A marketplace with a large amount of buyers and sellers where no single entity can influence the market.</p> Signup and view all the answers

<p>High entry costs and the inability of new entrants to offer the same services at lower prices.</p> Signup and view all the answers

<p>When a government's total expenditures exceed its total revenues during a specific period.</p> Signup and view all the answers

<p>Market demand is the sum of all individual demands for a good or service.</p> Signup and view all the answers

<p>As the price of a product increases, the quantity demanded decreases.</p> Signup and view all the answers

<p>Movement along the curve is only created due to a change in price, resulting in a change in the quantity demanded by consumers.</p> Signup and view all the answers

<p>Income inequality refers to the extent to which income is evenly distributed within a population.</p> Signup and view all the answers