Market Structures
These are the conditions that allow monopolies to exist.
What are barriers to entry?
The Weeknd advertising tickets to his concert in Vancouver for $300 when there is a secret additional $20 fee since the concert is on a weekday is an example of this form of unfair trade.
What is drip pricing?
This is the name of the author who wrote The Serviceberry.
Who is Robin Wall Kimmerer?
This is the name for a formal organization of producers that agree to coordinate prices and production.
What is a cartel?
A foreign country dropping the prices of their exports to drive out competitors in another country is known as ___________.
What is dumping?
This is a market that runs most efficiently when one large firm supplies all of the output.
What is a natural monopoly?
There is a sale on Spongebob Crocs but the shop advertising them knows they have a limited supply and can draw in customers to buy other shoes once they sell out. This is an example of _________.
What is bait and switch?
Kimmerer says that _________ will destroy ecosystems and is increasing climate change disasters.
What is hoarding?
Because sellers have no influence over the price in this market structure they are called this.
What are price takers?
This is an agreement among firms to charge one price for the same good.
What is price fixing?
Innovation is least likely to occur in this market
What is a perfect competition?
This means that buyers and sellers have all the information they need about this product in order to make informed decisions.
What is perfect information?
Pacific Northwest Indigenous groups participated in this event before the Indian Act made it illegal due to it being antithetical to colonial market economics.
What is potlatch?
These are some of the ways monopolistically competitive firms set themselves apart from their competitors. They include service level and physical characteristics.
What is nonprice competition?
There are four main market structures, but __________ exists between oligopoly and monopoly.
What is a duopoly?
Canadian Tire listing a regularly $79.99 blender as "on sale" at $59.99 for 300 days out of the year is an example of this unfair trade practice.
What is ordinary selling price strategy?
Kimmerer says that _________ and __________ make up the currency of a gift economy
What are gratitude and reciprocity?
Monopolistically competitive firms won't have much of this because of fierce competition from other sellers and entry of new sellers if there is much of this.
What is profit?
This is the ability of businesses to begin or end production and sales according to profitability.
What is the ease to exit and enter a market?
Products in a perfect competition are __________ due to ____________ and products in a monopoly are ______________ due to ________________.
These are the three of the signs of injury in an unfair trade situation.
What are lost jobs, market loss, reduced prices, decreased profits, and lost sales?
This correction that biologists are making to theories about evolution can be also be applied to Kimmerer's understanding of how gift economies can work alongside market economies.
What is the idea of interdependency rather than competition?
A company charging different prices for a good based on location, age, or interest in the good means that they are using this economic technique.
What is price discrimination?
These are factors that cause a producer's average cost per unit to fall as output rises.
What are economies of scale?