Market Structures
This market structure features many buyers and sellers trading identical products, with easy entry and exit.
Perfect Competition
Setting prices below cost to eliminate rivals is known as what?
Predatory Pricing
Nova Scotia Power
Monopoly
This occurs when individuals sit on the boards of competing companies.
Interlocking Directorates
This is a minimum legal price set by the government, above the equilibrium price
Price Floor
In this market, many firms sell differentiated products and engage in non-price competition.
Monopolistic Competition
Making untrue claims about a product to gain an edge over competitors is what?
False Advertising
Wendy's, A&W, McDonald's, Burger King, Hub Grub
Monopolistic Competition
The combination of two or more companies into a single larger one is called what?
Merger
This is a maximum legal price set by the government, below the equilibrium price
Ceiling Price
ominated by only a few large, interdependent firms, this market often sees barriers to entry.
Oligopoly
Illegally obtaining or using a competitor's confidential business information is what?
misappropriation of trade secrets
Toronto Stock Exchange (TSX)
Perfect Competition
A large corporation consisting of several different, possibly unrelated, businesses is known as what?
A conglomerate
government-imposed limit on the quantity of a good that can be produced or imported is called what?
This market structure is characterized by a single seller controlling the entire market.
Monopoly
An agreement between firms to coordinate actions and reduce competition is called what?
Establishing a Cartel
Bell, Rogers, Shaw, Telus, Vidéotron
Oligopoly
When a company buys businesses involved in different stages of its production, it's called what type of integration?
Vertical Integration
A payment or other benefit provided by the government to producers to lower their costs is called what?
A subsidy
The percentage of the market controlled by the top 4 or top 8 biggest firms
Concentration Ratio