WORLD SCHOLARS CUP ACADEMIC
COMPETITION STUDY GUIDE 2026
COMPLETE QUESTIONS WITH
GUARANTEED CORRECT ANSWERS
GRADED A+
⩥ 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
⩥ monopoly. Answer: the exclusive possession or control of the supply
or trade in a commodity or service.
⩥ commodity. Answer: an article of trade or commerce, especially a
product as distinguished from a service.
⩥ tax. Answer: a mandatory financial charge imposed upon a taxpayer
by a governmental organization in order to fund various public
expenditures.
⩥ tariff. Answer: a tax or duty to be paid on a particular class of imports
or exports
⩥ embargo. Answer: an official ban on trade or other commercial
activity with a particular country
⩥ sanction. Answer: a threatend penalty for disobeying a law or rule
COMPETITION STUDY GUIDE 2026
COMPLETE QUESTIONS WITH
GUARANTEED CORRECT ANSWERS
GRADED A+
⩥ 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
⩥ monopoly. Answer: the exclusive possession or control of the supply
or trade in a commodity or service.
⩥ commodity. Answer: an article of trade or commerce, especially a
product as distinguished from a service.
⩥ tax. Answer: a mandatory financial charge imposed upon a taxpayer
by a governmental organization in order to fund various public
expenditures.
⩥ tariff. Answer: a tax or duty to be paid on a particular class of imports
or exports
⩥ embargo. Answer: an official ban on trade or other commercial
activity with a particular country
⩥ sanction. Answer: a threatend penalty for disobeying a law or rule
