America's Early(ish) Wealth
This large economic event started the largest (at the time) wealth increase, spreading more widely than previous economic events.
What is the Industrial Revolution?
Monopolistic competition exists when many companies offer competing products or services, but not perfect, ___.
What is Substitutes?
Multiple products from the same brand dominate shelf space and attempt to crowd out new entrants. True or False?
What is True?
When the price leader changes prices as they wish and every other firm has to follow.
What is Dominate Price Leadership?
A pricing strategy where a company charges different prices for the same product or service to difference customers.
What is Price Differentiation?
This American billionaire is known for his use of merging companies fiercely, known as "Morganization."
What is J.P Morgan?
____ ____ occurs when many companies offer products that are similar but not identical.
What is Monopolistic Competition?
A change in a product's quality, price, output, or advertising policy may prompt a reaction from who?
What is Rivals?
All firms agree to follow the price change made by a firm that supposedly has good knowledge of the market conditions and thus can forecast future happening in the market better than others.
What is Barometric Price Leadership?
Prices are adjusted in real-time based on market demand and supply.
What is Dynamic Pricing?
This American Politician (and president) was known for his efforts to "bust" Monopolies.
Who is Teddy Rosevelt?
The ___ ___ ___ in a monopolistic competitive industry are low.
What are Barriers to Entry?
An oligopoly that sells a commodity, or a product that does not differ across suppliers.
What is an Undifferentiated Oligopoly?
When a few dominant companies agree to keep their prices in alignment, forcing firms to follow suit.
What is Price Leadership Collusion?
Prices are based on a customer's location.
What is Geo-Pricing?
When monopolies form, wealth is centralized, and instability in the economy is promoted. What action did the Federal Reserve (while working with J.P. Morgan) take to stabilize the dollar during the Great Depression?
What is the Gold Standard?
Monopolistic Competition is a type of ____ ____ where many companies are present in an industry, but differentiated products.
Oligopolists are said to be ___.
What is Interdependent?
Large market shares, high barriers to entry, similar products, fixed demand, and long-run average total cost.
What affects Price Leadership?
Physical aspects of the product, the location from which it sells the product, intangible elements of the product, and the perception of the product.
What is Differentiated Products?
The ___ ___ was a strategy used by Teddy Roosevelt to get the US out of the Great Depression.
What is the Square Deal?
One Company may opt to cut prices and sacrifice _____ ___ for higher sales.
What is Profit Margins?
What is the ratio of new consumer products to survive? (Hint: ? out of 5)
What is 1?
A company that exercises control in determining the price of goods and services in a market. Their actions leave the competitors with few or no options other than to adjust their prices to match their price set by the ___ ___.
What is a Price Leader?
A pricing method whereby the selling price is established by adding a markup to total variable costs?
What is Cost Plus Pricing?