Perfect Competition
Monopoly
Oligopoly
Random
100
How many buyers and sellers are there in perfect competition?
Many buyers and sellers
100
What does the prefix mono- mean?
One
100
The prefix olig- means what?
A few
100
The term for one company joining another
Merger
200
The vocabulary term for "standardized product"
What is a commodity
200

licence that grants permission to operate as a sole producer of a newly designed product

Patent

200
Type of product can be either __________ or __________
Standardized / differentiated
200
The challenges firms face when trying to enter a market
Barriers to entry
300
How many barriers to entry are there?
Very little
300
How many buyers and how many sellers in a monopoly?
Many buyers, one seller
300
The phrase describing the challenges small firms face when competing with large firms
Economies of scale
300

Informal agreements between firms to restrict competition

collusion

400
What are the two markets that are closest to perfect competition in our economy?
Corn and beef
400

Give one example of a natural monopoly 

Utilities

400
A group of sellers who get together to set prices
Cartel
400
Give three examples of barriers to entry
Could be: technology, start-up cost, location, economies of scale, no brand recognition, political issues, etc.
500
How is price set?
Supply and demand
500

State one disadvantage of monopoly

HIGHER PRICES, 

RESTRICTED CHOICE, 

LACK OF INNOVATION,

INEFFICIENCY

500
The name of the current oil cartel
OPEC
500

The name of Search Engine's monopoly firm

Google

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