Competition
Perfect competitors decide only this.
What is quantity?
That which combines inputs to produce outputs.
What is a firm?
It's not always illegal, and sometimes the consumer benefits from ONE of these.
What is a monopoly?
Brand loyalty comes from this.
What is differentiation?
It's a book published in 1776.
What is The Wealth of Nations?
One firm controls a product or service.
What is a monopoly?
Out-of-pocket costs, wages and rent.
What are explicit costs?
It protects the rights of an inventor.
What is a patent?
Sherman, Clayton, and Cellar-Kefauver.
What are antitrust acts?
The amount of government intervention recommended by Smith.
What is none.
Several firms set prices and limit production.
What is a cartel?
It takes into consideration explicit and implicit costs.
What is economic profit?
It protects the rights of a writer or artist.
What is a copyright?
It's when one firm purchases another.
What is an acquisition?
Though they lived at different times, he may have been Smith's greatest rival.
Who is John Keynes?
A form of competition in which a small number of firms sell identical products.
What is an oligopoly?
They cannot be changed in the short run.
What are fixed inputs?
Trade secrets are an example.
What are intellectual property rights?
When two firms join forces.
Smith didn't like it, and it wasn't for catching fish or acrobats.
What is the social safety net?
The prisoner's dilemma is an example of this.
It happens when the price is below the AVC.
What is shutdown?
It may be illegal if it interferes with the free market.
What is collusion?
It constrains a monopolists' production.
What is demand?
It was a metaphor that regulated the market.
What is the invisible hand?