Monopolies Market Structures Pricing Market Competition
100
What is a monopoly?
A market dominated by a single seller.
100
What is Perfect Competition?
A Market Structure in which a large number of firms all produce the same products.
100
What is a cartel?
An agreement by a formal organization of producers to coordinate prices and production.
100
What is a commodity?
A product that is considered the same regardless of who makes or sells it.
200
What is a natural Monopoly?
A market that runs most efficiently when one large firm provides all of the output.
200
What is Oligopoly?
A state of limited competition, in which a market is shared by a small number of producers or sellers
200
What is Collusion?
An agreement among members of an oligopoly to set prices and production levels.
200
What are the four conditions of perfect competition?
1. Many buyers and sellers participate in the market.
2. Sellers offer identical products.
3.Buyers and sellers are well informed about products.
4. Sellers are able to enter and exit the market freely
300
What is a patent?
A patent gives a company exclusive rights to sell a new good or service for a specific amount of time.
300
What is Barriers to entry?
The existence of high start-up costs or other obstacles that prevent new competitors from easily entering an industry or area of business.
300
What is a Merger?
A combination of two or more companies into a single firm.
400
What is a franchise?
A franchise is a contract issued by local authority that gives a single firm the right to sell its goods within an exclusive market.
400
What is monopolistic Competition?
Competition that is used among sellers whose products are similar but not identical and that takes the form of product differentiation and advertising with less emphasis upon price.
400
What is an incentive?
An expectation that encourages people to behave in a certain way.
500
What is Price Discrimination?
The monopoly divides the consumers into two or more groups and charges a different price.
500
What is Price Fixing?
The result of an unlawful agreement between manufacturers or dealers to set and maintain specified prices on typically competing products.
500
What is a deregulation?
The removal of some government controls over a market.






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