Monopoly
This is why no one can enter the market in a monopoly hence no competitors
High barriers to entry
The types of products sold in perfect competition
Agricultural goods
This is why it is hard for individuals to create firms in an oligopoly
High barriers to entry
This is how monopolistic competitors mainly compete with their competitors
Through product differentiation, branding, advertising
This is the most common type of business in the US
Sole propietorships
This is the number of sellers in a monopoly
One
How many sellers are in perfect competition in comparison to other market structures
The most (thousands)
When oligopolistic firms secretly collaborate to raise both their profits
What is collusion?
This is the amount of control a monopolistically competitive firm has over price.
What is slight control?
This type of business is a separate legal entity that is double taxed.
What is a corporation?
This is when a monopoly exists due to there being no competitors in the surrounding area
Geographic monopoly
This is the reason why so many competitors can exist in perfect competition
Low barriers to entry
This is a series of competitive price cuts that lowers the market price below the cost of production.
What is a price war?
Which video did we watch in class depicting a decades long war between two franchises that are monopolistically competitive
Burger Wars: Burger King vs McDonalds
This is a type of business in which two or more people form a business together
What is a partnership?
Amtrak is a great example of this type of monopoly
Legal monopoly
How much control over price do perfect competitors have?
None
This is the name for a formal agreement of producers that agree to coordinate prices and production. (It's illegal in the US)
What is a cartel?
This Avenger said the line "I can do this all day"
Who is Captain America
These two businesses have the most liability when it comes to assets and debts
Sole proprietorship and partnership
This is a type of monopoly that exists when competitors are just unable to match the innovation of the monopolists (think Microsoft in the 90s)
Technological monopoly
This Eternal from the MCU suffers from a rare disease called Mahd Wy'ry causing them to remember all the planets they helped destroy through the emergence of Celestials
Who is Thena?
This is a long-surviving international cartel in the petroleum industry and greatly controls the prices of its petroleum.
What is OPEC?
This is making a product similar, but not identical to other products in the market.
What is product differentiation?
This type of business dissolves with you when you die
Sole proprietorship