What are three examples of a standardized product?
Vary
100
A farmers market is the closest you can come to this type of market
Perfect Competition
100
This type of monopoly occurs when the costs of production are lowest with only one producer
Natural Monopoly
100
What are three examples of non-price competition?
Vary
200
Give an example of a government monopoly
Postal Service
200
What are three characteristics of monopolies?
Standardized and Differentiated Products
No freedom to enter market
Control over prices
One seller
200
Fast Food restaurants are an example of this type of competition
Monopolistic
200
Cereal companies are this type of market structure
What is an Oligopoly
200
What are three types of imperfect competition?
Monopoly
Monopolistic
Oligopoly
300
Give two examples of technological monopolies
Answers vary
300
On this show the main character has a celebrity alter ego
Hannah Montana
300
Give 3 examples of non price competition in Miracle on 34th Street
Santa, Gum Guns, Parade, If we don't have it we'll find it for you, newspaper ads, more
300
What are two characteristics of an oligopoly?
1. Few sellers and many buyers
2. Standardized or differentiated products
Standardized examples – steel, flat glass
Differentiated examples – Cereal, Soft drinks
3. More control of prices
4. Little freedom to enter or exit market
High start up costs, need to buy factories, warehouses, etc. if you want to compete with Kellogg’s
300
This is a holiday game wear people can get and steal gifts
Yankee Swap
400
How do cartels relate to monopolies?
Companies or people will join together to create a "monopoly"
400
What happens in an economy of scale?
The average cost of production falls as the producer grows larger
400
Monopolistic competition occurs when...
many sellers offer similar but not standardized products
400
This type of monopoly exists when there are no other producers within a certain region
Geographic Monopoly
400
Toys during the holiday season sell out and parents cannot buy them for presents - this an example of a...
Shortage
500
Name 7 Disney Pixar Animated Films
Toy Story, Bugs Life, Toy Story 2, Cars, Toy Story 3, Finding Nemo, Wall-E, Up, and More
500
What are two differences between monopolies and oligopolies?
Number of Sellers
Control over price
500
What are 3 characteristics of perfect competition?
Standardized Product
Many Sellers and Buyers
No control of price
Freedom to enter and exit market
500
This type of monopoly occurs when a firm controls a manufacturing method, invention, or type of technology
Technological Monopoly
500
What are four characteristics of monopolistic competition?
Lots of sellers and buyers
Similar but differentiated product
Limited control over prices
Freedom to enter exit market