6.1
The desire for improvement, not money
What is healthy competition?
This is created by competition
What is a market?
This kind of monopoly encourages production through government patents, trademarks, and copyrights.
What is a legal monopoly?
The type of market in which an industry is dominated by only a few firms
What is an oligopoly?
The governmental agency responsible for investigating business trade practices
What is the Federal Trade Commission (FTC)?
This makes possible a better standard of living for everyone
What is competition?
This is the purest form of competition
What is perfect competition?
In this market, there is only one supplier of a good
What is a monopoly?
In an oligopoly, requirements such as large capital, discourage potential firms from entering the market
What are significant entry barriers?
This situation is when firms get together, often at the expense of the consumer
What is collusion?
This kind of competition breeds deception, selfishness, violence, and envy
What is unhealthy competition?
Each firm in the market is known as this when it has no real control over the price it receives for its product
What is a price taker?
In a monopoly, this must be blocked
What is entry into the market?
This industry is an example of an oligopoly
What is the automobile industry?
This act was the first antitrust law
What is the Sherman Act?
This Greek poet wrote about the goods and evils of competition
Who is Hesiod?
A group of firms that produce similar products or services
What is an industry?
This kind of monopoly occurs when an industry is more efficient under one firm than many
What is a natural monopoly?
The market in which each firm promotes a differentiated product
What is monopolistic competition
This antitrust law closed loopholes and tied up loose ends from the first law
What is the Clayton Act?
The book on competition written by Hesiod
What is Works and Days?
In the American economy, this was an example of price taking
What is the farmer and his wheat?
This type of related product cannot exist in a monopoly
What is a close substitute?
In a monopolistic competition, this difficulty characterizes entry into the market
What is easily?
These business practices were forbidden in the antitrust laws
What are tying contracts and price discrimination