Perfect Competition
How many firms are there in a perfectly competitive market?
What is many firms
How many firms are in a monopoly?
What is 1
The kind of goods sold in a monopolistic competition
What are substitute goods
The number of firms that dominate this market
What is a few
A chocolate bar made of nougat, caramel, and milk chocolate
What is a Milky Way
An example of a perfectly competitive market
What are farms/agriculture
These laws are used by the government to control monopolies and to break them up
What are anti-trust laws
An example of a monopolistic competitive market is
What are
Shoes, Jeans, Tshirts, clothes
An example of an oligopoly is
What is cell phone providers, cable/wifi, airlines
A sweet and salty treat made with peanuts and caramel.
What is a PayDay
In a perfectly competitive market are firms price takers or setters?
What are price takers
in a monopoly are firms price takers or setters?
What are price setters
Are monopolistic competitive markets considered very rare or extremely common?
What is extremely common
A formal organization that agree to set prices and production
What is a cartel
A candy bar consisting of crunchy almonds, sweet coconut and creamy chocolate candy
What is an almond joy
Are buyers and sellers well informed or in the dark in a perfectly competitive market?
What is well informed
The USPS (U.S. Postal Service) is an example of what kind of monopoly?
What is a Government monopoly
The 3 ways products can be differentiated
What are brand, quality & creativity
Firms use this strategy to incentivize consumers to buy their good without changing price
What is Non-Price Competition
A candy bar consisting of dry roasted peanuts, rich caramel, and smooth nougat
What is a Baby Ruth
A perfectly competitive market has what kind of goods?
What are Standardized Products
This kind of monopoly exists because the firm controls an invention
What is a Technological monopoly
Is there a lot of little freedom to enter monopolistic competitive markets?
What is a lot of freedom
There only a few firms in an oligopoly because of what factor?
What is start up costs/barriers to entry
A candy bar consisting of chewy, marshmello flavored nougat wrapped in a rich, chocolaty coating
What is a charleston chew