In each blank, try to type in the
word that is missing. If you've
typed in the correct word, the
blank will turn green.
If your not sure what answer should be entered, press the space bar and the next missing letter will be displayed. When you are all done, you should look back over all your answers and review the ones in red. These ones in red are the ones which you needed help on. Term: Definition: An offer, a suggestion or an experiment to test the pulse of the Term: Price, and utility Definition: 3 related in economic theory Term: Definition: Attribute of an item that makes it of satisfying wants. Term: ValueDefinition: Quantitative expression of the power a product has to attract products in exchange Term: Definition: Common of value Term: PriceDefinition: Money value of an Term: Definition: Expressed in terms of pesos and , or whatever the monetary medium may be in the country where the exchange occurs.
Term: PriceDefinition: Amount of money (plus possibly some goods) which is needed to acquire, in exchange some combined assortment of a product and its services. Term: essential functionDefinition: Tell producers what and how much to .
Term: Price functionDefinition: of prices automatically keep supplies coming forward approximately in line with consumer’s demands Term: or allocate productive resources to whereDefinition: to the production of and services that consumers demand Term: essential functionDefinition: an internal rationing and allocating function within each producing farm.
Term: Prices of the productive resources or of productionDefinition: tell farmers how to combine them in proportions that will keep their costs at a
minimum and in the most efficient productio Term: Factors of Definition: land, , capital and entrepreneurship Term: resources Definition: of land, manpower, feeds, machinery, etc. Term: Price functionDefinition: Guide them through the channels of trade so they end up where consumers want them, when they want, and in the form them. Term: essential functionDefinition: Ration the goods and to those who demand them most urgently and in proportions that will all be consumed Term: Perfect Definition: A market wherein prce serves the dual role of informing of consumers’ wants and informing consumers of the varying conditions of production. Term: MarketDefinition: A market assuming that producers, consumers and all handlers have complete of demand and supply, and that this information is used without distortion in making all purchasing and production decisions.
Term: Supply and Definition: Purely price Term: Time, and form of productDefinition: causing of price differentials Term: Definition: Price differential: cost of Term: LocationDefinition: differential: transporting Term: Definition: Price : processing Term: Uniform Definition: No differences in price existing throughout the perfect market Term: priceDefinition: Determined by forces of and demand Term: DemandDefinition: What buyers are willing to take from a at a given price Term: SupplyDefinition: What or sellers are willing to offer. Term: Price will tend to Definition: increases with no change in supply Term: will tend to riseDefinition: Supply-decreases with no in demand.
Term: will tend to riseDefinition: A higher price will when supply decreases and demand increases simultaneously Term: will tend to fall Definition: decreases with no change in supply Term: will tend to fall Definition: Supply increases with no in demand Term: will tend to fall Definition: A large decline will occur if supply increases and demand decreases simultaneously Term: Equilibrium price will tend to remain .
Definition: Supply and demand in the same directions in equal magnitudes, Term: MonopolyDefinition: In firm industries, the seller will attempt to set a price that will maximize his profit Term: cost is equated with marginal revenue.
Definition: Price would be determined without from the demand curve, corresponding to the quantity where? Term: Full Definition: Under regulation, the monopoly would probably be forced to reduce his price, a price at which he isjust able to recover _____ including a fair return to factor inputs.
Term: competitionDefinition: A market structure but with product differentiation. Term: competitionDefinition: Products involved are close but imperfect substitutes, and by there are many substitutes. Term: ElasticDefinition: Demand curve faced by the firm operating in an industry characterized by competition is likely to be very?
Term: Cost Definition: It is usually assumed that the firms have ? Term: Firms with higher costs than in the industryDefinition: Presumably could not exist in the long run in a industry. Term: price (and output) Definition: The basis is on marginal revenue and marginal
cost. Term: Similar, Definition: Since the products are good substitutes and since similar cost structures are assumed, the prices of the various firms are expected to be _____ but not necessarily _____ Term: Marginal Definition: Increase in revenue that results from the sale of one of output. Term: competitiveDefinition: In economic theory, _____ firms continue producing output until marginal revenue equals marginal cost.
Term: Law of returns Definition: While marginal revenue can remain constant over a certain level of output, it follows from the ______ and will eventually slow down as the output level increases. Term: Change in total revenue / Change in output quantityDefinition: Marginal computation Term: Marginal falls below marginal costDefinition: When do firms typically do a cost-benefit analysis and halt production as it may cost more to sell a unit than what the will receive as revenue? Term: Marginal Definition: in total production cost that comes from making or producing one additional unit. Term: Change in cost / Change in quantityDefinition: Marginal cost Term: Gain Definition: If the cost of producing one additional unit is lower than the per-unit price, the producer has the potential to? Term: Marginal cost purposeDefinition: Determine at what point an organization can economies of scale to optimize production and overall
operations. Term: competition / warsDefinition: Firms operating under conditions of monopolistic competition tend to avoid _____ _____because of the threat of retaliation by other firms. Term: Relatively little Definition: If competing firms also lowered their prices to meet the , each would gain?
Term: -maximizingDefinition: _____ price is likely to be similar among firms
in the industry and relatively stable as long as cost remain constant.
Term: cuttingDefinition: leads to retaliation Term: Gain Definition: If an reduced its own price, provided others did not, it would? Term: conditionsDefinition: to avoid direct price competition prevail in industries where a few firms produce or market identical or similar products. Term: decisionsDefinition: In making _____ _____, each firm must take into account the possible reactions of its competitors.
Term: Price Definition: A _____ _____ initiated by one firm is likely to be followed by other firms.
Term: Oligopolistic Definition: Market where there is often a recognized “price leader” in the .
Term: Pure monopoly Definition: If there is a tacit agreement to maintain market shares and to avoid open competitions, the price established may approximate prevail in? Term: Purely conditionsDefinition: If an aggressive firm is seeking to enlarge its market share, the price established may be very to that which would prevail under? Term: conditionsDefinition: Condition where it is to generalize about pricing performance without specific knowledge about the behavior of individual firms.
Term: Oligopolistic Definition: Competition for sales may take the form of offering more favorable credit terms, advertising or promotion , or even secret discounts or rebates.
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