#1
What is the basic economic principle that states that as the price of a good or service increases, the quantity demanded for that good or service decreases?
#2
What is the term used to describe the responsiveness of quantity demanded to a change in price?
#3
What economic term refers to the total quantity of a good or service that consumers are willing and able to purchase at a given price level?
#4
In a competitive market, what happens to the equilibrium price and quantity when there is an increase in demand?
#5
What is a price ceiling in the context of market regulations?
#6
What is the primary goal of antitrust laws in the context of market regulation?
#7
What is the economic term for the situation where the government intervenes to protect a domestic industry by imposing tariffs or quotas on imported goods?
#8
Which of the following is a potential consequence of a price floor in a market?
#9
Which of the following is an example of a non-price barrier to entry in a market?
#10
What economic concept refers to the situation where one firm dominates the entire market and sets the price and quantity of goods or services?
#11
In a market with perfect competition, what is the relationship between price and marginal cost in the long run?
#12
What is the role of a central bank in influencing market forces?
#13