Pure Competition
Firms are called price _____ in relation to their control over price.
What are Takers?
What is the market strength?
What is Absolute/Very Strong/Large?
What is the similarity of firm's offerings?
What is Very Similar/Nearly Identical?
How many competitors are there in this type of market structure?
What is Many/Multiple/Large?
What is it called when the government reduces its regulations and their control over a business' activities?
What is Deregulation?
The initial costs for starting a business in this type of competition are ______.
What is Small?
or
What is Easy to Learn/Produce?
What is the similarity of firm's offering for this type of market structure?
What is No Substitutes/Unique/Etc?
How many suppliers are there in this type of market structure?
What is Several?
How easy is it to enter this type of market?
What is Pretty Easy?
What type of laws/legislation protect trade by preventing new monopolies from starting and break up existing monopolies?
What is Antitrust Legislation?
_____ is key for this form of market structure.
What is Information?
What is the name for obstacles that prevent other companies from entering a monopoly market structure?
What are Barriers to Entry?
The firms in this market structure are still price _______.
What are Setters?
How similar are the products in this market structure?
What is Similar/Slight Differences/Etc?
What type of merger happens when two companies of the same industry merge?
What is a Horizontal Merger?
The market price in this type of market is called the _____?
What is Equilibrium Price?
The government can grant you a _____ to give you a technological monopoly.
What is a Patent?
or
What is a Copyright?
This type of market structure exhibits ______ behavior when establishing prices.
What is Interdependent?
What is the elasticity of demand as a whole (not as perceived by brand loyalists)?
What is Elastic?
What type of merger happens when four or more small corporations in unrelated businesses merge to form one large corporation?
What is a Conglomerate Merger?
This type of market structure results in _______.
What is Economic Efficiency?
Is the justification of natural monopolies, is when a business has low production costs due to its large size.
What are Economies of Scale?
What is the use of small differences in products to make a consumer believe a product is better than its counterparts from other brands called?
What is Product Differentiation?
What is very important to do in this market structure if a company wants more control in price/ wants to raise prices?
What is Advertising?
What is the name of the practice, as perfected by John D. Rockefeller, when a business' board of directors' members are placed on a competitor's board of directors.
What is Interlocking Directorates?