market structure 1
market structure 2
market structure 3
market structure 4
Fun + Random
100
The markets for jeans, hamburgers, and restaurants.
What is Monopolistically Competitive
100
When someone benefits even though they had nothing to do with the market activity
What is Positive Externality
100
This market means they cannot set the price for its products.
Perfect competition
100
"My product is unique (you can't get it anywhere else) and this market is very hard, if not impossible to break in to. Who am i?"
What is a MONOPOLY
100
What is the result of a price ceiling
Shortage
200
Another term for advertising
What is non- price competiton
200
A general lack of competition can lead to higher costs for who? (producers or consumers)
Who are the consumers
200
When firms set prices in a cooperational manner
What is Collusion
200
What are the four types of Market Structure
Perfect competition - monopolistic - oligopoly-monopoly
200
Find the 2monopolies on the monopoly board.
What are: 1. Electrical Power 2. Water
300
an exclusive right to manufacture, use or sell
something for a specific period of time
What is a Patent
300
This market structure has a lot of competition and products can be similar but also differentiated
What is monopolistic competition
300
The harm, cost or inconvenience suffered by a 3rd party because of action by others
What is Negative Externality
300
This is a form of monopoly in which the gov't grants exclusive rights to 1 firm to provide a good or service.
What is a LEGAL monopoly
300
Large number of buyers and sellers
Buyers and Seller deal in identical products
Each buyer and seller acts independently
Buyers and sellers are well- informed about products and prices
Buyers and sellers are free to:
A. Conduct B. Enter into, and
C. Get out of business
What is the 5 major conditions that characterize Perfect Competition
400
What market structure has the most competition?
What is perfect competition
400
Market structure with a few large sellers that dominate the industry
oligopoly
400
The philosophy that government should not interfere with commerce or trade
What is Laissez-faire
400
what type of market is characterized by many firms selling a differentiated product and easy entry
monopolistic competition
400
Legal protection for "works of authorship" such as books, music, art, etc.
What is a copyright
500
Inadequate Competition
Inadequate Information
Resource Immobility
Externalities
Reasons for Market Failure
500
Market structure with one large firm running the industry
monopoly
500
List 3 of the 5 conditions that must be present for perfect competition to exist
Large # of buyers and sellers, identical products, well informed, free to enter and leave business
500
___ describes the number and size distribution of firms in a given market
market structure
500
I am the cost of something in dollars and cents. What am I?
Value