Socks from around the world
This is a market structure in which a large number of firms all produce the same product.
What is perfect competition?
This is what you have when a producer's average cost per unit falls as output rises.
What are economies of scale?
These are the main differences between monopolistic competition and perfect competition.
What are (1) product differentiation in monopolistic competition and (2) therefore some control over prices?
This is selling a product below cost to drive competition out of the market.
What is predatory pricing?
This is the slope of a supply curve of one firm in a perfectly competitive market.
What is zero (or horizontal)?
This is the name given to any product that is the same no matter who produces it.
What is a commodity?
This occurs when it is most efficient for one firm to supply all the output.
What is a natural monopoly?
This is the way a colleague of mine got out of a bad date in college.
What is opening the car door for his date, closing the door, and then walking over to his car and leaving?
These are laws that encourage competition in the marketplace.
What are antitrust laws?
个人是最不可能有电视节目。
What is Kim Kardashian?
This is the proper sock etiquette regarding colors.
What is the sock color should match the color of the shoes and/or pants, but should be at least one shade darker than the pants and one shade lighter than the shoes?
This is a license from the government that allows the inventor of a new product the exclusive right to sell it for a certain period of time.
What is a patent?
This is a market dominated by a few large firms.
What is an oligopoly?
This law outlawed mergers and monopolies that limit trade between states.
What is the Sherman Antitrust Act?
Suppliers in a perfectly competitive market are price __(a)__ while a monopolist is a price __(b)__.
What is (a) takers and (b) maker?
These are expenses that a firm must pay before it can begin to produce and sell goods.
What are start-up costs?
This is the Japanese and Korean delicacy known as door don.
What is a squid or octopus served to you with its legs still thrashing around in the sauce?
This is an agreement among firms to divide the market, set prices, or limit production.
What is collusion?
Donna Griffiths of the UK had a continuous sneezing fit lasting this many days.
What 976 days? She sneezed an estimated million times in the first 365 days (for an average of 2,739 sneezes per day) and achieved her first sneeze-free day on 16 September 1983 - the 977th day.
这就是为什么你的经济学老师用中文提问。
To annoy the students?
For perfect competition you need 4 things. Name at least two of them.
What are (1) many buyers and sellers, (2) sellers offering identical products (i.e., commodities), (3) buyers and sellers being well informed about prices, and (4) no or very low barriers to entry.
In order to increase sales, a monopolist must do this to the price of its products.
What is lower the price on EVERY ITEM?
This is a formal organization of producers that agree to coordinate prices and production.
What is a cartel?
These are two parts of the U.S. government that try to ensure that large firms do not unfairly force competition out of business.
What are the Federal Trade Commission and the Department of Justice?
This is the reason why marginal revenue for a monopolist is less than sales price.
What is because the monopolist has to lower the price not just on the next item sold but for all items sold in order to increase sales?