ECON 2000: Supply and Demand Model - Markets and Competition

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6 Questions

In a perfectly competitive market, what is a key characteristic of the goods offered for sale?

They are all exactly the same

What is the relationship between the price of a good and the quantity demanded according to the law of demand?

The quantity demanded increases as the price decreases

What is the term used to describe the amount of a good that buyers are willing and able to purchase?

Quantity demanded

In economics, what is meant by 'exogenous variables' in relation to demand?

Variables that are independent of the economic model being analyzed

Which type of market structure involves many buyers and many sellers such that no single buyer or seller can influence the market price?

Perfectly competitive market

What term is used to describe a market in which there is only one buyer?

Monopsony

Test your knowledge on the supply and demand model, markets, and competition in economics. Learn about what constitutes a market, the concept of competition, and the characteristics of perfectly competitive markets.

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