Graphs
Monopoly
Oligopoly
Monopolistic
100
What type of market does this graph show?
What is a monopoly?
or
What is Monopolistic?
100
Are Monopolies Efficient or Not Efficient?
what is not efficient!
100
When firms work together to set the market price and control it in an oligopoly
What is a cartel?
100
What are three characteristics of a monopolistic market?
What are a large number of sellers, differentiated products, some control over price, low barriers, non-price competition (ads)?
200
What type of market does this graph show?
What is an oligopoly?
200
Name three main characteristics of a monopoly
What are high barriers, One firm, price maker, or unique products with no substitutes
200
What are the three types of barriers to entry in an oligopoly?
What are economies of scale, high start up cost, ownership of raw materials?
200
If a monopolistically competitive firm is making a profit in the short-run, what will happen to the demand and number of firms in the long run?
What is firms will increase and demand will shift left?
300
Is this Monopoly graph making a profit or loss?
What is profit?
300
The practice of selling the same products to different buyers at different prices is...?
what is Price Discrimination!
300
The optimal outcome that will occur when both firms make decisions simultaneously and have no incentive to change
What is Nash Equilibrium?
300
Given current resources the firm CAN produce at the lowest cost but they decide not to.
What is excess capacity?