Perfect Competition
the number of sellers is
The LARGEST
price based or non price based?
non-price based
TRUEEEEEEEE
There is ____ competiton
NO
Does Mrs. Glover keep he room at a cold, or hot temperature
COLDDDDD
Sellers are known as...
Price-TAKERS (no control over prices)
what type of product...
differentiated
oligopoly is similar to the type of government called oligarchy because....
they both consist of a few!
How many types of legal monopolies are there
There are 4!
What does Mrs. Glover call her pets?
her FUR BABIES!!!!!
The kind of competition here is
Price based competiton
one example...
resturaunt, barbershop/salon, or carwash (any one of these)
products are standardized for ____, and differentiated for____
suppliers, consumers
List the types of LEGAL monopolies
Natural, geographic, technological, and governmental
How many pets does Mrs. Glover have?
1 canine
2 examples
eggs, notebooks, pens, wheat (any 3 of these)
start up cost and regulations are...
barriers to enter/exit the market
true or false: there are many barriers to enter into an oligopoly, but it is inexpensive to start up
FALSEEEE (it is EXpensive to start up!)
True or false: people buy these products because of superior performance
FALSE- they are the only options!
Where is Mrs. Glover from?
good ol' MISSISSIPPI
The cost of production is...
Low!
there are ___ sellers, and they have ____ control over prices
several, limited
which of the following is an example of an oligopoly:
Movie theaters
the auto industry
or
coffee shops
movie theaters, AND the auto industry (not coffee shops)
give an example of each type of legal monopoly (must be exact from the notes!)
blue ridge energy, bank of America stadium, microsft, and USPS
What degree(s) is Mrs. Glover working on right now?
She hasn't decided yet! Tricked ya!