A market structure in which a large number of firms produce the same product.
What is perfect competition?
100
Any factor making it difficult for a new firm to enter a market.
What is a barrier to entry?
100
A market dominated by a single seller.
What is a monopoly?
100
Government intervention in a market that affects the production of a good.
What is regulation?
100
The removal of some government controls over a market.
What is deregulation?
200
Airlines, phone companies, and banks before the 1970's were...
What are natural monopolies?
200
The expenses a firm must pay before it can begin to produce and sell goods.
What are start up costs?
200
Companies selling products thats are similar but not identical.
What is monopolistic competition?
200
These acts help regulate business by breaking up monopolies.
What are antitrust laws?
200
Deregulation is used to promote.
What is competition?
300
1. Many buyers and sellers 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.
What are the four conditions for perfect competition?
300
Giving an inventor of a new product the exclusive right to sell a product.
What is a patent?
300
NFL, NHL, and NBA are examples of...
What is franchise?
300
The act that outlawed mergers and monopolies that restrained trade.
What is the Sherman-Anti Trust Act?
300
Successes in deregulating businesses occurred in...
What are airlines, trucking, banking, etc.?
400
Differentiation, making a product different from other similar products, helps what gain profit...
What are monopolies?
400
Needed to operate a business.
What is a license?
400
A monopolist power to change prices.
What is market power?
400
The act that outlaws practices that limit competition.
What is the Clayton Anti Trust Act?
400
Failures in deregulating businesses occurred in...
What are phone companies, etc.?
500
A market structure in which a few large firms dominate a market.
What is oligopoly?
500
Agreement on what price to charge for a product or service.