Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
Mystery
100
Consumers have many ______ if the good or service they wish to buy becomes too expensive or its quality begins to fall short.
What is a Substitute
100
What is an example of monopolistic competition
What is Jusleen and Manjinder Decide
100
Oligopolies are ______ firms in each of their respective markets.
What are huge/big
100
Which diamond company is a monopoly?
What is DeBeers
100
What gives us the wide range of goods we have to choose from?
What is Competition
200
Classic example of a group or producers that come closest to being a perfect competition.
What are Wheat Farmers
200
By differentiating their products, monopolistic competitors establish what?
What is Brand Loyalty
200
What is Robelus?
What is Rogers, Bell and Telus
200
Name one characteristic of a monopoly
What is Manjinder and Jusleen Decide
200
Having more than one supplier would be impractical and wasteful
What is a Natural Monopoly
300
Who accepts the equilibrium price at which goods are sold?
What is a Price Taker
300
What is the difference between monopolistic competition and perfect competition?
What is Product Differentiation
300
Name a company/companies which share their respective markets with a few other major companies.
What is Jusleen and Manjinder will decide
300
A firm can establish a monopoly by gaining what type of control of their products?
What is Legal Control
300
A _________ is a government license that gives the holder exclusive rights to a process, design or new invention for a designated period of time.
What is a Patent
400
The successfulness of a firm or company within a perfect competition almost entirely depends on how well it ___________ _________ ____________.
What is Manages its Costs.
400
What are the 4 types of product differentiation?
What is product quality, location and accessibility, promotion and packaging, services
400
If a company within a respective oligopolistic market has higher prices than their close competitors, what will result in terms of sales?
What is it will result in the loss of business/revenue/profit
400
How can monopoly be related to horizontal integration?
What is If all of the producers of a particular good or service in a given market were to merge, it would result in the creation of a monopoly.
400
What type of firms do Canadians rely on for goods and services?
What is Private Firms
500
Perfect competition occurs when there are: (Name the main characteristics that distinguish a perfect competition)
What are many buyers sellers, ease of entry/exit, identical products, and an equilibrium price
500
Name at least two limitations of the model of monopolistic competition
What is Jusleen and Manjinder Decide
500
The major common pricing strategy among oligopolists which is also illegal.
What is Collusion
500
What are the 3 consumer disadvantages of a monopoly?
What is no consumer sovereignty, higher prices, no alternatives
500
One method of deregulation that involves the sale of public assets to private firms.
What is Privatization
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