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World Scholars' Cup Questions and Answers Verified by Expert 100% Correct
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World Scholars' Cup Questions and Answers Verified by Expert 100% Correct
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World Scholars' Cup Questions and Answers Verified byExpert 100% Correct
black market - ANSWER a secret market in which goods are sold illegally
supply - ANSWER a stock of resource from which a person or place can be
provided with the necessary amount of that resource
demand - ANSWER Consumer willingness and ability to buy products
deadweight loss - ANSWER loss of economic efficiency that can occur when
equilibrium is not achieved or not achievable
Equilibrium - ANSWER A state of balance between supply and demand
regulation - ANSWER A rule or directive made and maintained by an
authority.
perfect competition - ANSWER the situation prevailing in a market in which
buyers and sellers are so numerous and well informed that all elements of
monopoly are abswnt and the market price of a commodity is beyond the control
of individual buyers and sellers.
imperfect competition - ANSWER the situation prevailing in a market in
which elements of monopoly allow individual producers or consumers to exercise
some control over market prices
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