Perfect Competition
How many sellers are in the market
Many
How many sellers are in this market?
Several sellers
How many sellers are in the market?
Few sellers
the number of sellers in a pure monopoly
One
Who lives in Transylvania?
Dracula
A common agricultural example of perfect competition
Wheat
What type of products are sold?
Differentiated Products
What business fits this structure?
Movie theaters, the auto industry, and cell phone companies
Obstacles that prevent new businesses from entering a market
Barriers to entry
How long has it been celebrated?
Over 2000 years
What happens to market supply when more businesses enter
it increases
How much control do sellers have over prices?
Limited control
What is the competition for this structure?
non price competition
Type of demand curve a monopolist faces
Downward sloping
Is it a holiday?
It was never made an official holiday
The amount of economic profit earned in long-run equilibrium
zero
Are there barriers to entering the market?
Few barriers make entry fairly easy.
What type of products are sold?
standardized for suppliers and differenciated for consumers
A monopoly's ability to charge a price above marginal cost can result in this type of inefficiency
allocative inefficiency
Who represents Friday the 13th?
Jason
What happens when firms consistently experience economic losses in the long run
Firms exit the market
What businesses fit this structure?
Restaurants and salons
Are there barriers to entering the market?
High barriers to entry
The point where a profit-maximizing monopolist chooses its output
marginal revenue equals marginal cost
Where did the tradition of carving pumpkins come from?
Ireland