Markets
What is a market?
Place where buyers and sellers meet
What is a monopoly?
market with only one firm
What is perfect competition (don't overthink this)
markets that are perfectly competitive
What is a merger?
When two or more companies combine into one
What room number is my other classroom?
293
Name the four main types of competition
Monopoly, Oligopoly, Perfect Competition, Differentiated Competition
What is an oligopoly?
Market with only a handful of competitors
What is the difference between differentiated and perfect competition?
Differentiated competition is a more realistic version of a perfect competition
What is a horizontal merger?
When two companies from the same market combine
Saturn is orbited by _______ moons
146
The main difference in the four market types is...
The number of firms in the competition
What is the point of using a game board?
To help firms make choices about whether it is worth it to compete in a market
Another name for differentiated competition is...
Monopolistic competition
What is vertical merger?
When companies in different markets but along the same supply chain come together
How many soccer teams are included in the Chinese super league?
16
Oligopolies and Monopolies are ____ competitive markets than Perfect and Differentiated competitions
less
A quadrant on a game board where both firms make maximum and equal profit is known as the...
Nash Equilibrium
In comparison to differentiated competition, perfect competition's barriers to entry are...
lower
What is a conglomerate merger?
When companies with no relation to one another merge
What is the distance between Buffalo and NYC
372 miles
Command economies are more likely to contain what types of markets?
Monopolies
These laws were passed by the United States government to eliminate Monopolies from our markets...
Antitrust laws
Why is differentiated competition much more common that perfect competition?
Competitors are always trying to get an upper hand on one another/ the world the unfair
What is an extension merger?
When companies with similar products but different physical markets merge
Who is Mr. Lopienski's all time favorite president
James K. Polk