Key Terms
Market Structures
Real-World Scenarios
Business & Competition Strategy
Definitely not Random Questions >:)
100
What is a product that is identical no matter who produces it, like wheat or crude oil?
Commodity
100
Which market structure has only one single producer and no close substitutes?
Monopoly
100
Farmers John and Mary both grow yellow corn that is identical. What market structure is this?
Perfect Competition
100
Because wheat farmers sell identical goods with no market power, what type of pricing business are they?
Price Taker
100
What fast food chain is famous for its Golden Arches?
200
What term describes high costs or obstacles that stop new businesses from entering a market?
Barriers to Entry
200
Which market structure has many producers selling identical goods, like wheat or corn?
Perfect Competition
200
One single electric company owns all power lines and serves an entire city. What market structure is this?
Monopoly
200
Because a monopoly has no competitors to undercut it, what type of pricing business is it?
Price Setter
200
What force keeps our feet on the ground and pulls objects toward Earth?
Gravity
300
What term refers to a firm's ability to control or influence the price of its product?
Market Power
300
Which market structure is dominated by just a few large firms with similar products?
Oligopoly
300
Only two aerospace corporations build large passenger jetliners. What market structure is this?
Oligopoly
300
What do firms use to distinguish their goods using logos, styles, and customer service?
Product Differentiation (or Nonprice Competition)
300
How many rings make up the official Olympic Games logo?
5
400
What is an illegal agreement between competing firms to fix prices or limit production?
Collusion/ Collude
400
Which market structure has many producers selling differentiated, varied goods?
Monopolistic Competition
400
30 local taco stands in a city compete using unique salsa recipes. What market structure is this?
Monopolistic Competition
400
Why does the government allow natural utility monopolies like city water suppliers to exist legally?
One set of pipes is much cheaper than multiple competing companies laying duplicate pipes
400
What is the minimum safe internal temperature for cooking chicken in degrees Fahrenheit?
165 degrees Fahrenheit
500
What measures the percentage of total market sales controlled by the top firms in an industry?
Concentration Ratio
500
Which market structure has high entry barriers, only 2 to 4 top firms, and interdependent pricing?
Oligopoly
500
Five international oil nations make a secret deal to cut production and raise prices. What is this group called?
Cartel
500
When top firms in an oligopoly lower prices to take business until companies sell below cost, what is occurring?
Price War
500
Forward I am heavy, but backward I am not. What am I?
The word "ton" ("not" spelled backward)