Market Difference
What do an economist and a business analyst refer to as a business?
What is an Industry.
Who was the man who invested in steel, gained wealth, and attempted to spend all of his money philanthropically before he died?
Who is Andrew Carnegie
Define Monopoly. Give an example.
What is a smaller number of businesses, more differences in products, greater ability to control price, and harder to enter and exit the industry.
Name the first antitrust policy.
What is the Sherman Antitrust Act of 1890.
What is the biggest pharmacy in the U.S?
What is CVS Health
Define differentiated products and give an example.
What are products that are visibly different from one another. Example: answers may vary.
Who was the man who owned Standard Oil?
Who was John D. Rockefeller.
Define Oligopoly.
What is a single business or firm that controls the price of the market.
What did the Clayton Act of 1914 do?
1. Interlocking directorates.
2. Tying contracts.
3. Anticompetitive takeovers.
4. Price discrimination.
What business has the most fast-food franchises in the world?
What is Mixue Ice Cream & Tea
Define undifferentiated products. Give an example.
Why was Carnegie successful?
Define imperfect competition.
What are many producers of slightly different products.
Besides the two already listed, how many others are there?
What is the biggest car brand in the U.S?
What is General Motors.
Give a reason why a business can raise the price of its product. Then give a reason why they could not.
What is little competition. What is a large amount of competition.
Why was Rockefeller successful?
What is his foresight of the need for oil and ruthless business practices.
Define perfect competition.
What is the greater number of businesses, fewer differences in products, less ability to control price, and easier to enter and exit the industry.
What had this legislation accomplished?
What is prevented one business from completely taking over a market, and made it difficult to prosper through trust between businesses.
This company sells 6.48 million burgers a day worldwide.
What is McDonalds.
Why can't the chocolate company Hershey easily exit the market?
What is Hershey, being the largest chocolate manufacturer in the U.S.
Who died the richer man, Carnegie or Rockefeller?
Who is Rockefeller. (Worth $400M)
Carnegie spent most of his wealth before death.
Give an example of Monopoly, Oligopoly, and perfect competition in 1 minute
Answers will vary.
What is the difference between a monopoly and a trust?
What is a monopoly, being a single firm in almost complete control of a market, while a trust is several firms with one account controlling the market.
What business in Coudersport sells the best pizza?
What is Shop 'n Save.