Show:
Perfect Competition
Monopoly
Oligopoly
Monopolistic Competition
Random
100
How many buyers and sellers are there in perfect competition?
Many buyers and sellers
100
What does the prefix mono- mean?
One
100
The prefix olig- means what?
A few
100
Number of buyers and number of sellers
Many
100
The term for one company joining another
Merger
200
The vocabulary term for "standardized product"
What is a commodity
200
A monopoly that is set-up by the government
Government monopoly
200
Type of product can be either __________ or __________
Standardized / differentiated
200
Type of product
Similar but differentiated
200
The challenges firms face when trying to enter a market
Barriers to entry
300
How many barriers to entry are there?
Very little
300
How many buyers and how many sellers in a monopoly?
Many buyers, one seller
300
The phrase describing the challenges small firms face when competing with large firms
Economies of scale
300
What do firms try to do to get consumers to buy?
Make their product seem different/ advertise
300
Another term for a cartel
Trust
400
What are the two markets that are closest to perfect competition in our economy?
Corn and beef
400
Give one example of a natural monopoly and one example of a government monopoly
Could be Microsoft and USPS or Utilities
400
A group of sellers who get together to set prices
Cartel
400
How much control over prices do sellers have?
Limited - if price is too high consumers will find substitutes
400
Give three examples of barriers to entry
Could be: technology, start-up cost, location, economies of scale, no brand recognition, political issues, etc.
500
How is price set?
Supply and demand
500
The policy congress passed in 1890 to break up monopolies
Sherman anti-trust act
500
The name of the current oil cartel
OPEC
500
Give two examples of a market in monopolistic competition
Could be: toothpaste, shampoo, hamburgers, grape juice etc.
500
The name of Rockefeller's monopoly firm
Standard Oil