Monopolies
A market that is dominated by a monopoly has this many firms.
This market structure is defined as a market with a few very influential firms controlling the market.
What is an oligopoly?
Highways, the police, firefighters, and train tracks would all be examples of this essential aspect of any market.
What are public goods?
The main goal of the United States government when breaking up monopolies or oligopolies is to encourage this.
What is competition?
A attempt to sway customers to buy a product that does not involve a change in value is known as this.
What is non-price competition?
If a small town only contains one drug store... then the store's control of the medicine industry in the area would be considered this kind of monopoly.
What is a geographic monopoly?
Grocery items, agriculture, and balloons would all be examples of this kind of market.
What is pure competition?
A company having to shorten their hours due to lack of workers entering the field could cause this kind of market failure.
What is failure of resources to move?
What is a trust?
The car and cable television industries would be an example of this kind of market.
What is an oligopoly?
This type of monopoly is formed when a company can produce a product for a cheaper price or easier way than other companies.
What is a natural monopoly?
This is the most common type of market structure in the United States.
What is monopolistic competition?
A company that has no motivation to improve their product may be facing this market issue.
What is lack of competition?
What is public disclosure?
Any change in price that is determined by a factor unrelated to sales such as race, sexual orientation, or gender is known as this.
What is price discrimination?
What is a patent?
This type of market contains flawless knowledge of all aspects of the market and the continuous sharing of resources, there is no example of this in the U.S.
What is perfect competition?
A person living in Indianapolis this weekend has a hard time finding parking due to the Taylor Swift concerts, this is an example of this potential market failure.
What are externalities or spillover effects?
What is collusion?
The government requiring businesses to put expiration dates on food products is an example of the government fulfilling this job in regulating the economy.
What is promoting transparency?
The growth of government intervention in the economy began when this man's monopoly controlled 90% of the country's oil supply.
Who is John D. Rockefeller?
This condition of monopolistic competition is the only condition that makes it different from pure competition.
What is product differentiation?
A lack of competition in a market place may become a problem because companies may begin to do this to cause their customers to have to pay more.
What is price-fixing?
The idea that the government should interfere with the economy as little as possible.
What is Laissez-Faire?