Podcast
Questions and Answers
Which concept refers to the quantity of a good that is desired by buyers?
Which concept refers to the quantity of a good that is desired by buyers?
- Quantity supplied
- Quantity demanded
- Demand (correct)
- Supply
What does the term 'quantity demanded' specifically refer to?
What does the term 'quantity demanded' specifically refer to?
- Demand
- Quantity demanded (correct)
- Supply
- Quantity supplied
What does the total quantity of a product or service that the marketplace can offer represent?
What does the total quantity of a product or service that the marketplace can offer represent?
- Supply (correct)
- Quantity demanded
- Quantity supplied
- Demand
Which term defines the amount of a product/service that suppliers are willing to provide at a given price?
Which term defines the amount of a product/service that suppliers are willing to provide at a given price?
What economic concept demonstrates the relationship between quantity sold and price?
What economic concept demonstrates the relationship between quantity sold and price?
Which principle states that as the price increases, the quantity demanded decreases?
Which principle states that as the price increases, the quantity demanded decreases?
What market structure is characterized by a single seller?
What market structure is characterized by a single seller?
In a monopsony market, the influence on market structure is due to:
In a monopsony market, the influence on market structure is due to:
Which market structure is characterized by close substitutes and product differentiation?
Which market structure is characterized by close substitutes and product differentiation?
What type of market structure involves two buyers acting jointly in the market?
What type of market structure involves two buyers acting jointly in the market?
In which market structure are entry and exit conditions influenced by profitability or loss?
In which market structure are entry and exit conditions influenced by profitability or loss?
What type of market structure has products with no close substitutes?
What type of market structure has products with no close substitutes?
What happens when an industry earns excess profits?
What happens when an industry earns excess profits?
Why can't a seller raise the price of a homogeneous product?
Why can't a seller raise the price of a homogeneous product?
What does a perfectly elastic average revenue curve signify for a firm?
What does a perfectly elastic average revenue curve signify for a firm?
How do buyers and sellers interact in a market with absence of artificial restrictions?
How do buyers and sellers interact in a market with absence of artificial restrictions?
What effect does the presence of perfect substitutes have on the sellers' products?
What effect does the presence of perfect substitutes have on the sellers' products?
Why does the number of sellers being very large prevent any individual seller from influencing the price?
Why does the number of sellers being very large prevent any individual seller from influencing the price?
What distinguishes firms under monopolistic competition?
What distinguishes firms under monopolistic competition?
What are considered as selling costs under monopolistic competition?
What are considered as selling costs under monopolistic competition?
How can a firm in monopolistic competition increase sales and profits without reducing the price?
How can a firm in monopolistic competition increase sales and profits without reducing the price?
What is the term used by Chamberlin to describe firms producing closely related products?
What is the term used by Chamberlin to describe firms producing closely related products?
What is the significant role acknowledged by the Philippine government regarding small and medium enterprises?
What is the significant role acknowledged by the Philippine government regarding small and medium enterprises?
What do SMEs encompass according to the text?
What do SMEs encompass according to the text?
In a monopoly market, what is the main characteristic of the product?
In a monopoly market, what is the main characteristic of the product?
What does it mean when it is stated that 'a monopolist has full control on the supply of a product'?
What does it mean when it is stated that 'a monopolist has full control on the supply of a product'?
What distinguishes a monopoly from perfect competition in terms of production costs?
What distinguishes a monopoly from perfect competition in terms of production costs?
Why do selling costs not arise in a perfectly competitive market?
Why do selling costs not arise in a perfectly competitive market?
How does transport cost affect the price of a homogeneous commodity?
How does transport cost affect the price of a homogeneous commodity?
What is a key feature distinguishing monopoly from perfect competition regarding the number of sellers?
What is a key feature distinguishing monopoly from perfect competition regarding the number of sellers?
