Low concentration ratios are typical of this industry?
Monopolistic Competition
100
Natural Monopoly
What is an industry in which one firm can achieve economies of scale over the entire range of market supply?
100
Gov't intervention fails to improve economic outcomes
What is gov't failure?
100
The amount of market power farmers have
What is very little to none?
100
Invisible Hand
What is the doctrine of laissez faire or "leave it alone"?
200
Because economic profits are greater than zero in a perfectly competitive market.
Why will more firms enter the market in a perfectly competitive market?
200
Regulation
What is a form of gov't intervention?
200
The rate of pollution that occurs when the marginal social benefit of pollution equals its social cost
What is the optimal rate of pollution?
200
Farmers behave like this market
What is perfectly competitive?
200
The full resource costs of an economic activity including externalities.
What is social costs?
300
Product differentiation defines this industry
What is monopolistic competition?
300
When the market fails to produce at optimal levels/outcomes.
What is market failure?
300
When those costs are present there is market failure.
What are external costs?
300
The amount by which the quantity supplied exceeds the quantity demanded at a given price
What is market surplus?
300
Cost of an economic activity that is directly borne by the immediate producer or consumer (excluding externalities)
What is Private cost?
400
Monopolistic competition has [ ] concentration ratios and [ ] entry barriers.
What has low concentration ratios and low entry barriers?
400
This type of regulation causes companies to inflate costs.
What is profit Regulation?
400
Sophisticated waste-treatment plants can reduce organic pollution by that percent
What is 99%?
400
The implicit price paid by the gov't for surplus crops taken as collateral for loans to farmers
What is the loan rate?
400
A fee imposed on polluters based on the quantity of polution
What is emission charge?
500
That industry maintains some control over price.
What is monopolistic competition?
500
The market is contestable
What is the market in an imperfectly competitive industry subject to potential entry if prices or profits increase.
500
Kyoto Treaty
What is an international environmental treaty with the goal of achieving "stabilization of greenhouse gas concentrations in the atmosphere at a level ?
500
Supply shifts and the relatively inelastic demand for food.
What causes price swings in farm products?
500
Land with-drawn from production as part of policy to increase crop prices