Perfect Competition
Monopoly
Oligopoly
Monopolistic Competition
Government Policies toward competiton
100
When a market includes so many sellersof a particular good or service that each seller accounts for a small part of the total market.
What is perfect competition?
100
Exists when any individual or group buys or sells a good or service in amounts large enough to affect price.
What is imperfect competition?
100
Obsticales ro competition that prevent others from entering the market.
What is barriers to entry?
100
Large numbers of sellers offer similar but slightly different products.
What is monopolistic competition?
100
Laws that act to prevent new monopolies.
What is antitrust legislation?
200
Numerous sellers and buyers.
What is a similar product?
200
The most extreme form of imperfect competition.
What is pure monopoly?
200
Monopolist can control the market price by controlling the
What is supply available?
200
Examples are brandname items such as tooth paste, cosmetics, and designer clothes.
What is monopolistic competition?
200
2 corporations in the same business.
What is horizontal merger?
300
A nearly identical good or service is sold.
What is Similar Product?
300
A single seller controls the supply of the good or service and thus determines the price.
What is pure monopoly?
300
An industry in which a few suppliers that exercise some control over price dominate
What is Oligopoly?
300
Example: Domestic motor vehicles
What is a quality of monopolistic competition?
300
The buying out of an unrelated business.
What is conglomerate merger?
400
Requires a large number of suppliers of a similar product.
What is Perfect Competition?
400
There is only one seller of the good or service.
What is a single seller?
400
Tend to have generally stable prices
What is ologopolistic markets?
400
Cigarettes
What is a quality of monopolistic competition?
400
When a business that is buying from or selling to another business merges with that business.
What is vertical merger?
500
The equilibrium price .
What is the market price?
500
There is no adequate substitute for the good or service that the monopolist is selling.
What is no substitutes?
500
Offer consumers a wide variety of different products.
What is ologopolistic markets?
500
This occurs when some members of the boards of directors of competing corporations are the same.
What is interlocking directorate?
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