Monopoly
These are the conditions that allow monopolies to exist and prevent others to start a business.
What are barriers to entry?
These are the expenses a firm must pay before it can begin to produce and sell goods.
What are start up costs?
The High Low production level illustrates what concept and time frame in the Game Theory square.
What is Short Run Greed?
The 4 letter acronym that helps us understand the process of a business owner.
What is HUNT?
This is a market that runs most efficiently when one large firm supplies all of the output.
What is a natural monopoly?
Examples are produce items, petroleum, and copy paper.
What are commodities?
This is the amount of control a monopolistically competitive firm has over price.
What is slight control?
An individual who comes up with a new product or idea.
What is an Entrepreneur?
This is the laws in the US that make Monopoly and Oligopolistic Collusion illegal.
What are the Sherman Anti-trust Laws?
This means that buyers and sellers have all the information they need about this product in order to make informed decisions.
What is perfect information?
These are some of the ways monopolistically competitive firms set themselves apart from their competitors. They include service level and physical characteristics, like colors and additional features.
What is nonprice competition?
The government regulates this type of market structure in order to avoid price fixing, collusion, and cartels.
What is an oligopoly?
These are factors that cause a producer's average cost per unit to fall as output rises.
What are economies of scale?
This is the ability of businesses to begin or end production and sales according to profitability.
What is ease of entry and exit?
This is the name for a formal organization of producers that agree to coordinate prices and production.
Often associated with illegal drugs...a drug ____.
What is a cartel?
Monopolistically competitive firms won't have much of this because of fierce competition from other sellers and entry of new sellers. The concept can be calculated as TR - TC = (This term)
What is (Total) profit?
This type of system allows the government to make all of the decisions in an Economy.
What is a Command Economy?
When a monopolist creates a price in the market they are considered this.
What is a price maker?
Because sellers have no influence over the price in this market structure they are called this.
What are price takers?
This is a long-surviving cartel in the petroleum industry and the approximate percentage of the market it controls.
(You only need to name the organization)
What is OPEC, and 70%?
This is making a product similar, but not identical to other products in the market.
What is differentiation?
While there are exceptions to any rule, economic and political freedoms tend to go hand in hand. In many cases a country's engagement with the world is an important harbingerof both economic and political freedoms. --William A. Reinsch
Democracy tends to go with this type(s) of market styles.
What is a Free Enterprise OR Mixed Market?