Exam (elaborations)
World Scholar-s Cup 2024-25 Black Markets test(19 questions and answers).
- Course
- Institution
World Scholar-s Cup 2024-25 Black Markets test(19 questions and answers).
[Show more]
Content preview
World Scholar'sCup 2024-25:
Black Markets
test(19
questions and
answers)
supply - answer a fundamental economic
concept that describes the total amount of a
specific good or service that is available to
consumers.
demand - answer an economic principle that
describes a consumer's desire and
willingness to pay a price for a specific good
or service.
, deadweight loss - answer a cost to society
created by market inefficiency.
perfect competition - answer a theoretical
market structure in which the following
criteria are met: all firms sell an identical
product; all firms are price takers (cannot
influence the market price of their product);
market share has no influence on price;
buyers have complete or "perfect"
information - in the past, present and future -
about the product being sold and the prices
charged by each firm; resources such as
labor are perfectly mobile; and firms can
enter or exit the market without cost.
imperfect competition - answer exists
whenever a market, hypothetical or real,
violates the abstract tenets of neoclassical
pure or perfect competition.
monopoly - answer a sector or industry
dominated by one corporation, firm or entity.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BRAINBOOSTERS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78600 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now