Pure Competition
What type of products exist in this market structure? (identical, differentiated, similar, unique)
What is identical.
Define Monopolistic Competition
What is a market structure that has all of the conditions of pure competition, except for identical products.
Define Oligopoly
What is a market structure in which a few very large sellers dominate the industry
What is a market structure with only 1 seller of a particular product.
The Postal Service is an example of a _______ monopoly
What is government.
Name a product example that would be found in a perfect competition market
What is fruits, vegetables, or gold.
A monopolistic competitor faces competition from a _____ number of firms in its industry so it must convince consumers that its products are better than others. (Few, Small, Large, Extreme)
What is large.
In an oligopoly, products are _____. (similar, opposite, identical)
What is similar.
Monopolies are typically bad for ______.
What is Consumers.
The NFL is an example of a _________ Monopoly.
What is Technology.
What is very large numbers, identical products, and freedom of entry and exit.
One way firms differentiate their products in monopolistic competition is through the use of _____ names.
What is brand.
In an oligopoly, are there many or few firms?
What is few firms.
These days, monopolies are becoming more and more ____. (Common, rare, prevalent)
What is common.
A gas station in the middle of a desert is an example of a _______ Monopoly.
What is Geographic.
In perfect competition, firms are price _____.
What is takers.
In monopolistic competition, firm's products essentially offer......
What is the same thing/similar products.
Oligopolies will sometimes engage in illegal price-fixing together known as....
What is collusion.
Americans have typically ______ monopolies.
What is disliked/gotten rid of/etc.
"This telecast is copyrighted by the NFL for the private use of our audience. Any other use of this telecast or of any pictures, descriptions, or accounts of the game without the NFL's consent is prohibited."
This is an example of ________.
What is copyright.
Because the products are identical, we can consider them ______ substitutes. (perfect, imperfect, similar)
What is perfect.
Name an example of a firm that participates in Monopolistic Competition.
What is Subway, McDonald's, Popeye's, KFC, Jimmy John's, etc.
Name a company (firm) that is an example of an Oligopoly.
What is McDonald's, American Airlines, Ford Motor Company, etc.
Name an example of a near or total monopoly.
Electricity, Amazon, Water utility, Natural Gas, etc.
Mr. Knott's example of buying a fidget spinner for $45 is an example of a ________.
What is patent.