Pure Competition
Opolies
Market Failures
Government Intervention
Grab Bag
100
Name one characteristic of pure competition
What is (see textbook or notes)
100
A few companies dominate an industry
What is an oligopoly
100
These are products that are collectively consumed by the population
What is public goods
100
Effective federal laws to regulate business were first enacted in what century
What is the 20th century (first one was in the 19th century)?
100
This States presidential primary is tomorrow
What is Indiana?
200
Name one characteristic of pure competition
What is (see textbook or notes)
200
Competing companies follow each other’s actions
What is interdependent behavior
200
These are side effects of economic actions
What are externalities?
200
this is what the federal trade commission regulates
What is fair/unfair business practices?
300
This is associated with capitalism and means government should stay out of economics
What is laissez faire
300
Describe a difference between monopolistic competition and pure competition
What is differences in products vs. same products?
300
When a business leaves a town and workers cannot get new jobs, this is an example of this kind of market failure
What is resource mobility?
300
This law banned price discrimination
What is the Clayton Anti-Trust Act?
300
This holiday is this Sunday
What is Mothers Day?
400
This author is associated with economic competion
Who is Joseph Smith?
400
A lone gas station in a rural town is an example of this kind of monopoly
What is a geographic monopoly?
400
When there are fewer firms in an industry, this market failure has occurred
What is large number of buyers and sellers?
400
This law dealt with discounts and rebates
What is the Robinson-Patman Act?
400
The National Day of Prayer falls on this day every year
What is the first Thursday in May?
500
In pure competition, each firm selects their level of output in order to do this
What is maximize profits
500
A public utility is considered this type of monopoly
What is a natural monopoly?
500
These four factors are involved in the idea of resource mobility
What are the factors of productions?
500
This is what OSHA stands for
What is Occupational Safety and Health Administration
500
This is the newest iPhone model coming out this month
What is the iPhone SE
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