Micro Test Review

Match it! Select the correct answer from the pull down...Good luck!

A business that two or more individuals own and operate is known as _____________.

Situation in which the quantity demanded is greater than the quantity supplied.

Is the price at which the quantity demanded by buyers equals the quantity supplied by sellers also called the market-clearing price. At the equilibrium price every buyer finds a seller and every seller finds a buyer.

As the price of a good or service that consumers are willing and able to buy during a certain time period rises (or falls) the quantity of that good or service demanded falls (or rises).

A cost that does not vary depending on production or sales levels is known as____________ _____________.

A market or industry is dominated by a small number of sellers

Over supply and under demand help lower the price at the pump.

A business that one person owns is called a ____________________.