Show:
Vocabulary
Perfect Competition
Imperfect Competition
Non-Competitive
Market Structures
100
Firms in this market are often described as Price-Takers
What is Pure Competition
100
As long as firms get more revenue from selling a product than it costs to produce, firms _________________
What is "will continue to produce"
100
Imperfect Competition is also known as what?
What is Monopolistic Competition
100
The Transportation Industry (cars, trains, airplanes) often require _________
What is large capital investment
100
In a purely competitive market, what does the demand line look like on the graph?
What is completely horizontal
200
Firms in this market are often known as Price-Makers
What is a Monopoly
200
In this market a decrease in price will lead to a _________
What is decrease in Revenue
200
When a firm focuses on the materials, brand, quality, and features, they are trying to do what?
What is "Distinguish their Product" aka "Differentiate"
200
A ____________ require government permission to either work in a certain occupation or to perform certain tasks.
What is a government license
200
What is the overall goal of firm in any market?
What is Maximize Profit
300
Factors that make it difficult for new firms to enter a market are called what?
What are Barriers to Entry
300
In this market each seller (firm) is ________ relative to the total market?
What is small
300
Firms are sometimes known as ____________ in this market?
What is Price-Seekers
300
This term is used to describe a single seller of a well-define product with no good substitute.
What is a monopoly
300
In a monopolistic competitive market (Imperfect Competition) what does the Demand line look like on the graph.
What is downward sloping
400
A product that is the same no matter who produces it?
What is a commodity
400
Technology and High Start-Up costs are know as what?
What are Barriers to Entry
400
In this market firms can influence their own Demand by doing what?
What is changing their product
400
Electricity is known as a ____________ Monopoly.
What is "natural"
400
Both Monopolies and Oligopolies are considered ____________
What are Non-Competitive markets
500
What are firms trying to find when they compare cost of production to the additional revenue they get back from selling it?
What is Profit
500
Firms are Price-Takers b/c sellers must take the __________ in order to sell their product.
What is the market price
500
Imperfect Competition gives the consumer ________ prices, but also ___________
What is prices & variety
500
This market is characterized by 2-12 firms, with 7-8 dominant firms.
What is a Oligopoly
500
A ___________ is a formal arrangement for colluding.
What is a Cartel