Terms
Market structure where many firms all produce the same product, and no single seller controls supply or prices
Perfect Competition
Making a product different from other similar products
Differentiation
Name and describe a targeted discount
Varies
Who is Kim Kardashian’s husband as of 2021?
Kanye
How do you pronounce "Caramel"
Mr. R still right
An agreement among firms to charge one price for the same good
Price Fixing
The ability of a company to control prices and total market output
Market Power
Exclusive rights to sell a product for a specific period of time
Patent
monopoly= one firm
What is the name of Khloé’s denim brand?
Good American
The division of consumers into groups based on how much they will pay for a good
Price Discrimination
Business type that represents 70% of all businesses in the USA
Sole Proprietorships
Shareholders
1890 law that outlawed mergers involving trusts
Sherman Anti-Trust Act
Which Kardashian/Jenner sibling is the youngest?
Kylie
Market structure that fails to meet the conditions to perfect competition
Imperfect competition
Market that runs most efficiently when one large firm supplies all the output
Natural Monopoly
Right to sell goods within an exclusive market
Franchise
Which Kardashian owns Good American clothing brand?
Khloe
Which Kardashian sister is the eldest?
Kourtney
Selling a product below cost for a short period of time to drive competitors out of the market
Predatory Pricing
3 conditions for price discrimination to work
firms need market power, customers divided into distinct groups, difficulty to re-sell
2 ways to have non-price discrimination
Ads, physical characteristics of products, location
What is the name of Kim Kardashian’s beauty brand?
Kim Kardashian West Beauty
What is the name of Kourtney Kardashian’s lifestyle website?
Poosh