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100
This is a market structure in which a large number of firms all produce the same product.
What is perfect competition?
100
This is what you have when a producer's average cost per unit to fall as output rises.
What are economies of scale?
100
This is the main difference between monopolistic competition and perfect competition.
What is product differentiation in monopolistic competition?
100
This is selling a product below cost to drive customers out of the market.
What is predatory pricing / price war?
100
This is the slope of a supply curve of one firm in a perfectly competitive market.
What is zero (or horizontal)?
200
This is the name given to any product that is the same no matter who produces it.
What is a homogeneous?
200
This occurs when it is most efficient for one firm to supply all the output.
What is a natural monopoly?
200
Who is the fastest man alive?
Who is Usain Bolt?
200
These are laws that encourage competition in the marketplace.
What are antitrust laws?
200

What is the most spoken language in the world? 

What is Chinese/Mandarin?
300
What is the capital city of the country that will host the World Cup this year?

What is Moscow?

300
This is a license from the government that allows the inventor of a new product the exclusive right to sell it for a certain period of time.
What is a patent?
300
This is a market dominated by a few large firms.
What is an oligopoly?
300
The product market with the most powerful barrier of entry.
What is  Monopoly?
300
Suppliers in a perfectly competitive market are price __(a)__ while a monopolist is a price __(b)__.
What is (a) takers and (b) maker?
400
These are expenses that do not change when production levels change.
What are fixed costs?
400

This is the big villain (Bad guy) in the upcoming Marvel Avengers movie.

Who is Thanos?

400
This is an agreement among firms to divide the market, set prices, or limit production.
What is collusion?
400
Not awarded a Nobel Prize?

Physics, Mathematics, Literature, Economics, Peace

What is Mathematics?

400

What language is spoken in Mexico?

What is Spanish?
500
For perfect competition you need 4 conditions. Name at least two of them.
What are (1) many buyers and sellers, (2) sellers offering identical products (i.e., commodities), (3) buyers and sellers being well informed about prices, and (4) no or very low barriers to entry.
500
For a monopolist, marginal revenue derived by the sale of an item is _____ than the sales price of that item.
What is lower than?
500
This is a formal organization of producers that agree to coordinate prices and production.
What is a cartel?
500
The product market with a many heterogeneous products.
What is Monopolistic Competition?
500
This is the reason why marginal revenue for a monopolist is less than sales price.
What is because the monopolist has to lower the price not just on the next item sold but for all items sold in order to increase sales?
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