Monopoly
A monopoly is the exact opposite of which kind of market structure?
What is perfect competition?
Perfect Competition is a market structure in which a large number of firms/businesses all produce...
What is identical products?
A structure where many firms offer similar but no identical product is known as what?
What is monopolistic competition?
What is the Infinity Gauntlet?
By definition, a monopoly has how many sellers?
What is one?
Perfect competition requires how many different businesses to produce identical products?
What is many?
Products within monopolistic competition are similar, but no identical. This allows the firm/business to raise or lower the _________ as they see fit.
What is price?
For a market to be considered an Oligopoly, the markets concentration ratio, or sales by its four largest firms, must account for what percentage of total sales?
What is 60%?
The volleyball keeping the company of Tom Hanks in Castaway.
What is Wilson?
One of the main characteristics of a monopoly is that there are no products close to the product being offered by the substitute. The consumer is said to have no...what?
What is substitutes?
Since the products are identical in a perfect competition, what is the only distinguishable factor that causes one to be purchased over the other?
What is price?
An example of a market that uses monopolistic competion would be what? Please identify multiple business as examples when you state your answer.
What is the burger industry, phone industry, coffee industry, shoe industry, etc...?
Looking at a kinked Demand Line, if a firm raises its price, it sees a steep decline in demand. This is due to what?
What is the other firms not raising their price?
The current governor of South Dakota
Dennis Daugaard
A patent is good for how long?
What is 14 to 20 years?
If the price rises within perfect competition, suppliers tend to produce more. The demand, however, tends to...
What is decrease?
Special services that business provide to attempt o attract a customer.
What is customer services?
An agreement in which companies restrict production to raise prices and profits.
The knickname of Minnesota Timberwolves All Time Leading Scorer
What is The Big Ticket?
Copyrights are good for how long?
What is the lifetime of the author?
An example of a perfect market would be...
What is fruit, grain, beef, poultry, water, etc...?
How does monopolistic competition differ from perfect competition?
What is nonidentical products?
An example of a market with an Oligopoly is...
What is cereal, cars, cell phone service providers, airline industry, etc...?
The muskie fishing technique done at the end of the cast in an attempt to lengthen the amount of time the lure is in the water.
What is the Figure Eight?