Market Structures
Economic Philosophers
100
Pure Competition
What is a term that describes a market that has a broad range of competitors who are selling the same products?
100
The american economist and statistician best known for his strong belief in free-market capitalism
What is Milton Friedman?
200
Monopolistic Competition
What is a type of imperfect competition such that many producers sell products that are differentiated from one another (e.g. by branding or quality) and hence are not perfect substitutes?
200
The philosopher who viewed the market as capable to correct itself, when facing shocks, by taking advantage of competitive forces, and regarded government and central bankers' policy efforts to restore growth as causes of more instability.
What is Friedrich Hayek?
300
Oligopoly
What is a market form in which a market or industry is dominated by a small number of sellers?
300
The philosopher who viewed the economic system as being vulnerable to periodic declines in demand and regarded to traditional adjustment mechanisms
What is John Maynard Keynes?
400
Monopoly
What is a situation in which a single company or group owns all or nearly all of the market for a given type of product or service?
400
The father of economics and often referred to as the worlds first free market capitalist.
What is Adam Smith?
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