Market Structures Jeopardy

Monopoly

100

These are the conditions that allow monopolies to exist.

What are barriers to entry?

200

This is a market that runs most efficiently when one large firm supplies all of the output.

What is a natural monopoly?

300

This is the right to sell a good or service within an exclusive market.

What is a franchise?

400

Farmers and Mining companies are under this type of market structure.

What is Perfect Competition?

500

This is what drives our economy.

What is Supply and Demand?

Perfect Competition

100

These are the expenses a firm must pay before it can begin to produce and sell goods.

What are start up costs?

200

Examples are produce items, petroleum, and copy paper.

What are commodities?

300

This means that buyers agree to purchase a certain amount of goods at a particular price from firms (businesses).

What is Equilibrium Price?

400

This is the ability of businesses to produce a product and earn a profit.

What is competition?

500

Because sellers have no influence over the price in this market structure they are called this.

What are price takers?

Oligopoly

100

This is an agreement among firms to charge one price for the same good.

What is price fixing?

200

This is an agreement among firms to divide the market, set prices, or limit production.

What is collusion?

300

This is a series of competitive price cuts that lowers the market price below the cost of production.

What is a price war?

400

This is the name for when businesses merge to control and industry and fix prices

What is a Collusion?

500

This is a long-surviving cartel in the petroleum industry and the approximate percentage of the market it controls.

What is OPEC, and 70%?

Monopolistic Competition

100

This is one example of an industry, which is one example of a government monopoly

What is a public utility company?

200

This is the amount of control a monopolistically competitive firm has over price.

What is some control?

300

These are examples of anti-trust monopolies .

What are major sports leagues? Ex. NFL or NBA

400

These are some of the ways monopolistically competitive firms set themselves apart from their competitors. They include physical characteristics.

What is non-price competition?

500

This is making a product similar, but not identical to other products in the market.

What is differentiation?

Regulation/Deregulation

100

These are policies that encourage competition in the marketplace.

What are anti-trust laws?

200

In 1997, this firm was accused of using a monopoly in operating systems to control the market for desktop software.

What is Microsoft?

300

The government regulates this type of market structure in order to avoid price fixing, collusion, and cartels.

What is an oligopoly?

400

This is the removal of some government controls over a market.

What is deregulation?

500

This is the combination of two or more companies into a single firm.

What is a merger?