2o parcial

Question 1

Supply

Answer 1

a product of supply the industry.

(suministro) is the amount of goods and services that are put up for sales.

Question 2

Demand

Answer 2

Interest a buy product.
amount that interested parties wanna buy.
-can buy it
-have the money
-wanna buy it

Question 3

Profit

Answer 3

(utilidad) utility

financial gain

Question 4

Ceteris Paribus

Answer 4

is used when the impact of one economic variable in other, indicanting that all the other factors reamin the same

Question 5

Law of demand

Answer 5

if the price increases demand will shrink

when an item is scarce, but many people want it the price will rice

Question 6

Law of supply

Answer 6

higher the price higher the quantity supply

Question 7

Elasticity of Supply

Answer 7

Is the proportinal change in the supply of a good or service, service dived by the proportional change in price

Question 8

Elasticity of Supply formula

Answer 8

Supply: Q. Variation/ P. variation—— Q2-Q1/Q1/P2-P1/P1

Question 9

Elastic

Answer 9

A supply is elastic when the proportional change in price produces a greater variation in the quantities supplied (Elasticity>1)

Question 10

Perfectly Elastic

Answer 10

When a very low percentage change in price produces a very high percentage change in quantity supplied (Elasticity>1)

Question 11

Inelastic

Answer 11

When the variation in the quantities offerd is proportionally less than the variation in the price of good (Elasticity<1)

Question 12

Perfectly inelastic

Answer 12

When only a certain amount of goods or services can be offerd, regardless of price (Elasticity<1)

Question 13

Unitary

Answer 13

Change in prices make the supply of goods and services vary in the same proportion (Elasticity=1)

Question 14

Economic Competition

Answer 14

Policy at countries protects the competition process

Question 15

CFC

Answer 15

Was created to protec the process of competition and free competition to prevent monopolistic companies

Question 16

Monopolic Practicies

Answer 16

When only one company can supply an essential product or service or significant barriers to entry for any competitor

Question 17

el articulo 28 (CDEUM)

Answer 17

NO MONOPOLIC PRACTICIES IN MX

Question 18

Price Discrimination

Answer 18

Selling strategy the charges customers different prices for the same product or service (Ist illegal)

Question 19

Price Fixing

Answer 19

Setting a price of a product rather than allowing it to be determinated by free market forces (Its illegal)

Question 20

Predatory Pricing (dumping)

Answer 20

illegal act of lowing prices in an attempt to elimanate the competence

Question 21

Bid Pricing (Bidding)

Answer 21

Is an illegal practice in which competing parties collude to determine the winner

Question 22

Tort

Answer 22

Mean to confuse the consumer as to the source of the product confusing

Question 23

Cartel

Answer 23

Is an organization created from formal agreement between a group of a good or service to regulate supply in order to regulate prices

Question 24

OPEC´s

Answer 24

the world´s larges cartel