Competition
Market Structures
Monopolies
A Mix of
Everything!
Everything!
Movie Mania (Holiday Special!)
200
A market that is "free of interference"
What is "Laissez-faire"
200
Dominated by a single player, this market structure offers a unique product and is a "price maker"
What is "monopoly"
200
This legal document protects inventions, leading to a form of a Technological Monopoly
What is "patents"
200
An absence of sellers in a certain area leads to this type of monopoly
What is "geographic monopoly"
200
What is the name of the Grinch's dog?
Who is "Max"
400
Any place where goods and services are bought and sold is a called...
What is a "market"
400
This market structure offers an identical product and the price is dictated by the free market (supply and demand).
What is "Perfect/Pure Competition"
400
These are a specific sets of U.S. laws designed to regulate and control monopolies
What are "antitrust laws"
400
This legal document protects a firm's brands, logos, and slogans
What is "trademark"
400
According to the film It's a Wonderful Life, what happens every time a bell rings?
what is "an angel gets its wings"
600
Name 1 benefit of competition
What is: 1. low/stable prices 2. improves quality and choices 3. promotes innovation!
600
What kind of product is offered in a Monopolistically Competitive market structure?
What is "differentiated"
600
When a firm merges with or buys out members of the same industry in hopes to monopolize
What is "horizontal integration"
600
Coca-Cola purchasing PepsiCo. and its brands would be an example of which kind of integration?
What is "Horizontal Integration"
600
This person is known as "Santa's shadow" and is said to visit naughty children instead
who is "Krampus"
800
Acting in calculated ways to both compete and cooperate with your competitor
What is "Game Theory"
800
Name 1 example of a firm competing in an Oligopoly
What is "Automotive Companies, Software providers, Cell phone manufacturers, Cell phone producers, Commodities such as steel and aluminum"
800
This type of monopoly is preferred over having a competitive market, more efficient to have a single provider
What is "natural monopoly"
800
This occurs when a businesses' cost drop due to having more customers and sales
What is "economies of scale"
800
What are the four main food groups for elves, according to Buddy
What are "candy, candy cane, candy corns, and syrup"
1000
An illegal agreement between firms to fix prices and eliminate competition
What is "cartel"
1000
Trying to create details that will distinguish your good from your competitor's is called..
What is "product differentiation"
1000
When a company buys ownership of all the stages of production of a good
What is "Vertical Integration"
1000
A town's population suffering health issues due to water pollution from their local factory
What is "negative externality"
1000
Where does Kevin's family travel to in Home Alone?
what is "Paris"