Show:
market structure 1
market structure 2
market structure 3
market structure 4
Fun + Random
100
The markets for jeans, hamburgers, and restaurants.
What is Monopolistically Competitive
100

When someone benefits even though they had nothing to do with the market activity

What is Positive Externality

100

This market means they cannot set the price for its products.

Perfect competition


100
"My product is unique (you can't get it anywhere else) and this market is very hard, if not impossible to break in to. Who am i?"
What is a MONOPOLY
100

what is the product name of monopolistic competition

Differentiated

200

Advertising creates brand loyalty. What does this give firms the power to do?

 firms have the ability to raise the price of their goods/services and maintain customers.

200
A general lack of competition can lead to higher costs for who? (producers or consumers)
Who are the consumers
200

When firms set prices in a cooperational manner

What is Collusion 

200

What are the four types of Market Structure

Perfect competition - monopolistic - oligopoly-monopoly

200

Find the 2monopolies on the monopoly board.

What are: 1. Electrical Power 2. Water 

300

an exclusive right to manufacture, use or sell

something for a specific period of time

 What is a Patent

300
This market structure has a lot of competition and products can be similar but also differentiated
What is monopolistic competition
300

The harm, cost or inconvenience suffered by a 3rd party because of action by others

What is Negative Externality

300

This is a form of monopoly in which the gov't grants exclusive rights to 1 firm to provide a good or service.

What is a LEGAL monopoly

300

Large number of buyers and sellers

Buyers and Seller deal in identical products

Each buyer and seller acts independently

Buyers and sellers are well- informed about products and prices

Buyers and sellers are free to:

A. Conduct B. Enter into, and

C. Get out of business


What is the 5 major conditions that characterize Perfect Competition

400
What market structure has the most competition?
What is perfect competition
400

Market structure with a few large sellers that dominate the industry

 oligopoly

400

 The philosophy that government should not interfere with commerce or trade

What is Laissez-faire

400

what type of market is characterized by many firms selling a differentiated product and easy entry

monopolistic competition

400

The market for water company

MONOPOLY

500

Inadequate Competition

Inadequate Information

Resource Immobility

Externalities

 Reasons for Market Failure 

500

Market structure with one large firm running the industry

 monopoly

500

List 3 of the 5 conditions that must be present for perfect competition to exist

 Large # of buyers and sellers, identical products,  well informed, free to enter and leave business

500

___ describes the number and size distribution of firms in a given market

market structure

500
Name a potential barrier to enter an industry
What are high start up/operating costs....