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

These have to be padi regardless of level of output.

What are fixed costs?

100
This is an agreement among firms to charge one price for the same good.
What is price fixing?
100
A real estate agent would be most likely to highlight this type of nonprice competition.
What is location?
100
These are policies that encourage competition in the marketplace.
What are anti-trust laws?
200
This is a market that runs most efficiently when one large firm supplies all of the output.
What is a natural monopoly?
200

Firms will shut down in the short run when these are greater than price.

What are variable costs?

200
This is an agreement among firms to divide the market, set prices, or limit production.
What is collusion?
200

Monopolistically competitive firms have this because of differentiation and low barriers to entry.

What is market power?

200

Debeers diamond company owning all of the diamond mines is an example of this barrier to entry.

What is control of scarce resources?

300

The amount of producers in a monopoly.

What is a a single seller?

300

P=MC. Perfectly Competitive firms are always this.

What is allocative efficiency?

300

This is the defining characterisitc of this market structure.

What is mutual interdependence?

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?
300
The government regulates this type of market structure in order to avoid price fixing, collusion, and cartels.
What is an oligopoly?
400
These are factors that cause a producer's average cost per unit to fall as output rises.
What are economies of scale?
400

This is the ability of businesses to enter and exit the market due to profitability.

What is free 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?
400

Railroads, camera phones, and the internet would be examples of this.

What is a technological monopoly?

500

Tradmarks, copyrights, patents, etc.

What are legal restrictions?

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, and 70%?

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

The way to tell if a market is an oligopoly.

What is the concentration ratio?