Vocabulary
Perfect Competition
Imperfect Competition
Government Regulation
Misc
100
the legal combining of two or more companies
What is a merger?
100
the only market in the US that comes close to perfect competition
What is Agricultural market?
100
this exists when one seller has complete control of a product and its price
What is a monopoly?
100
the topic and concern of most government regulation
What are mergers?
100
this refers to the extent of competition within a particular market
What is market structure?
200
obstacles that don't allow other companies to easily enter the market
What are barriers to entry
200
perfect competition forces farmers to do this
What is farm efficiently?
200
this exists when there are a few sellers with some control over price
What is an oligopoly?
200
to encourage competition and prevent unfair trade
What is the goal of government anti-trust legislation?
200
non-price competition can be found in both of these market structures
What is monopolistic competition and oligopoly?
300
low production costs result from the large size of output
What is "economies of scale"?
300
where total demand and total supply meet at the equilibrium point
What is the equilibrium price or market price?
300
large market with similar products; uses advertising and non-price competition to build loyalty
What is monopolistic competition?
300
passed in 1890 it broke up existing monopolies and prevented the formation of new ones
What is Sherman Anti-trust Act?
300
huge corporation involving at least 4 unrelated businesses
What is a conglomerate?
400
having members of a board of directors from one company also having positions on the board of another company
What are interlocking directories?
400
the elasticity demand of agriculture
What is inelastic?
400
when firms illegally agree to raise prices or divide markets
What is collusion?
400
the merger of a timber company, a sawmill, and a lumber yard
What is a horizontal merger?
400
international businesses try to control the price, production, and distribution of a product
What is a cartel?
500
government grants the exclusive rights to a company (e.g. public transportation, cable, and utilities)
What is a natural monopoly?
500
information about prices, quality, and sources is
What is easy to access?
500
This is the most common form of market structure in the US today?
What is monopolistic competition?
500
although it's goal was to clarify previous legislation, this legislation still left it to courts to define "substantially"
What is Clayton Act?
500
can raise prices without worrying about losing customers
What is a monpoly?
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