Card Set Information
What is demand?
What happens to demand when prices increase?
What is a demand curve illustrate?
What does the Law of Demand state?
What does inelastic demand mean?
What does a market supply curve show?
What was the impact of technology on the supply curve?
What is a fixed cost?
What are the four important measures of cost?
What is total cost?
Why do many businesses engage in e-commerce?
What is the purpose of the marginal analysis?
How is profit-maximizing quantity of output reached?
What is surplus?
What is shortage?
What is an ecomomic model?
What is a market equilibrium?
What is the federal minimum wage?
What is the purpose of deficiency payments?
What are the characteristics of perfect competition?
What is the purpose of the Sherman Antitrust Act?