Econ Review Part II

5. When a firm tries to put competitors out of business by setting prices so low that they take a loss.
8. When one firm has total control of the market.
10. Legal entity that is owned by stockholders who have limited liability for the company's debt.
12. Business that is owned by one person who has unlimited liability.
13. By making these lower, The Fed can encourage banks to loan money because it costs less to borrow.
14. Current Chair of the Fed.
15. Demand for gasoline is very steady regardless of price changes.
16. When a producer can adjust their output relatively quickly.

1. This type of competition has many buyers and sellers, identical products, everyone is well informed, little barriers to entry.
2. The amount of goods available.
3. Organizations that benefit the public good like the Red Cross.
4. Will happen if there are too many dollars in circulation.
6. Business owned by two or more people who share in responsibility and profits.
7. High fees and royalties, strict operating procedures, purchasing restrictions, limited product lines are all traits of...
9. Money that has value because the government says that it has value.
11. Sets interest rates for banks, establishes monetary policy, tries to stabilize the economy.