Show:
Monopoly
Perfect Competition
Oligopoly
Monopolistic Competition
100
These are the conditions that allow monopolies to exist.
What are barriers to entry?
100

This describes the types of goods/service sold in perfect competition.

What is non-differentiated goods/services?

100
This is an agreement among firms to charge one price for the same good.
What is price fixing?
100

Firms in monopolistic competition use this to compete.

What is marketing?

200

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

What is a natural monopoly?

200

This is the industry that resembles perfect competition the closest?

What is agriculture?

200
This is an agreement among firms to divide the market, set prices, or limit production.
What is collusion?
200
This is the amount of control a monopolistically competitive firm has over price.
What is slight control?
300

This is when the monopolist charges each individual the maximum they are willing to pay.

What is perfect price discrimination?

300
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?
300
This is a series of competitive price cuts that lowers the market price below the cost of production.
What is a price war?
300
These are some of the ways monopolistically competitive firms set themselves apart from their competitors. They include service level and physical characteristics.
What is nonprice competition?
400

This is when a producer's average cost per unit falls as output rises.

What are economies of scale?

400
This is the ability of businesses to begin or end production and sales according to profitability.
What is ease of entry and exit?
400
This is the name for a formal organization of producers that agree to coordinate prices and production.
What is a cartel?
400
Monopolistically competitive firms won't have much of this because of fierce competition from other sellers and entry of new sellers if there is much of this.
What is profit?
500
This is where a monopolist will set output and price.
What is where MR=MC for output, and at the demand curve for price?
500

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

What are price takers?

500

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

What is OPEC?

500
This is making a product similar, but not identical to other products in the market.
What is differentiation?