Market Structures
Types of Monopolies
Roles of Government
Types of Taxes
Revenue and Spending
100
Competition characterized by a large number of buyers and sellers with identical products.
What is Perfect Competition
100
Costs of production are reduced by using one producer
What is Natural Monopoly
100
Congress passed this in 1890 to protect nation against monopolies
What is Sherman Anti-Trust act
100
tax gets higher with the more income a person makes
What is a progressive tax
100
FICA
What is Federal Insurance Contributions ACT
200
2 Conditions for something to be a Perfect Competition
What is Large # of buyers and sellers identical products buyers and sellers act independently well informed free to enter and leave
200
Monopoly based on a certain geographic area.
What is a Geographical Monopoly
200
Passed after the Sherman Anti-Trust Act to give government more power over monopolies.
What is the Clayton Anti-Trust Act
200
Tax that is the same for everyone.
What is a Proportional Tax
200
Criteria for Effective taxes
What is Equity, Simplicity, and Efficiency.
300
Name given to any of the 3 market structures such as monopolistic competition, oligopoly, and Monopoly
What is Imperfect Competition
300
Monopoly based on ownership or control of a method or process to produce something
What is Technological Monopoly.
300
Agency that enforces Monopoly laws
What is Federal Trade Commission (FTC)
300
Tax that has a higher % of income used on lower income individuals
What is Regressive tax
300
Name one Impact of Taxes
What is Resource Allocation, Behavior Adjustment, or Productivity and Growth
400
Has all characteristics of perfect competition excepts identical products
What is Monopolistic Competition
400
Monoply owned and operated by the gov.
What is Government Monopoly.
400
Ruling Requiring a company to Stop unfair business practices
What is Cease and Desist Order.
400
Tax on a corporation
What is a Corporate Tax
400
YOU GET 400
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500
Market Structure in which a few very large sellers dominate the market
What is an Oligopoly
500
Situation in which the average cost of production falls as the firm gets larger.
What is Economies of Scale
500
agreement between two or more parties to limit open competition
What is Collusion
500
Tax that the federal government gets most of their revenue from
What is the individual income tax.
500
Example of a Regressive Tax
What is Sales Tax or Excise Tax
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