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Basics of Competitions
Types of Competition
Economic Regulation
100
A market structure with many fully informed buyers and sellers of an identical product with no barriers to entry
What is perfect competition
100
A market structure with low entry barriers and many firms selling products differentiated enough that each firm'a demand curve slopes downward
What is monopolistic competition
100
Government efforts aimed at preventing monopoly and promoting competition in markets where competition is desirable
What is antitrust activity
200
A sole supplier of a product with no close substitutions
What is monopoly
200
A market structure with a small number of firms whose behavior is interdependent
What is an oligopoly
200
The combination of two or more firms to form a single firm
What is a merger
300
A product that is identical across sellers
What is a commodity
300
A group of firms that agree to act as a single monopolist to increase the market price and maximize the groups profits
What is a cartel
300
A reduction in government control over prices and firm entry in previously regulated markets
What is deregulation
400
The ability of a firm to raise it's price without losing all sales to rivals
What is market power
400
I perfect competition the product is identical, in a monopolistic competition what is it called?
What is product differentiation
400
Foreign products that are imported and traded
What is international trade
500
Restrictions on entry of new firms into an industry
What are barriers to entry
500
When industries grow and expand their technology
What is technological change