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Market structure Monopoly and oligopoly Government regulation Monopolistic competition Firms
100
A condition for perfect competition
When many buyers and sellers participate in the market it is an example of what?
100
Barriers to entry
In an oligopoly these tend to be high
100
Government monopoly
A monopoly regulated by the government.
100
Monopolistic competition
When many companies compete in an open market it is referred to as what?
100
A license
This grants a firm the right to operate a business.
200
Start-up costs
When these are high in a market, entrepreneurs tend to avoid the market.
200
Natural monopoly
In this case, the government allows just one firm in each geographic area to provide necessary service.
200
Collusion
An agreement among members of an oligopoly to set prices and production levels.
200
Differentiation
Enables a monopolistic competitive seller to profit from the differences between his or her products and competitors' products.
200
A commodity
A product that is identical regardless of who makes it, such as low-grade gasoline, notebook paper, and milk.
300
Mergers
The Sherman Anti-trust act limited these types of company strategies.
300
70 to 80%
An industry is called and oligopoly when the four largest firms are producing how much of the output?
300
Targeted discount
Discounted airline fares are an example of which type of discount?
300
Non-price competition
An alternative to competing on price and using other ways to lower prices.
300
Economies of scale
When a firms start-up costs are high and average costs fall for every additional unit it produces.
400
Price and production
A cartel is when formal organizations agree to coordinate what?
400
Cellular phones
Telephone service was a natural monopoly until the invention of these devices.
400
Price fixing
This would be an outcome of collusion.
400
A franchise
A National Park Service choosing a single firm to sell food and other goods to is an example of.
400
A price war
This is when there are disagreements among members of a firm, competitors cut their prices very low and is harmful for producers.
500
Market power
Without this ability a market may find it difficult to change outputs like a monopolist.
500
Monopoly
This popular board game names itself after popular market.
500
Deregulated
Airlines, trucking, banking, railroad, natural gas, and T.V broadcasting were this in the late 1970's and early 1980's.
500
A patent
This gives a company exclusive rights to sell a new good or service for a specific period of time.
500
Antitrust laws
Government policies, similar to cartels, that keep firms from controlling the price and supply of important goods.




Chapter 7 Jeopardy - Casey Clark and Sebastian Ferlo

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