Micro Test Review

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Situation in which the quantity supplied is greater than quantity demanded at the current price.

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.

Complete control of the supply and demand of a good or service.

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

OPEC is the only producer of oil in the world.

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).

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

A business that one person owns is called a ____________________.