Perfect Competition
Perfect competition has a large number of __________ firms.
A monopolistic competition has a ___________ number of small firms
Large
An oligopoly has a small number of ____________ firms.
Large
How many firms are in a monopoly?
1
What was the name of the original Monopoly game?
Landlord's Game
The products involved with a perfect competition are:
Identical
Monopolistic competition has _____________ different products
Slightly
The barriers to enter an oligopoly are: ____________
High
The barrier to enter in a monopoly is very _________.
High
What was the name of the lady who created the original Monopoly game?
Elizabeth Magie
Nothing
An example of monopolistic competition is:
Movies, Novels, Restaurants, Hairdressers, Taxi Companies
Give an example of an oligopoly
Airlines, Mass Media, Computers, Oil and Gas companies, Cars
How are monopolies and perfect competition similar?
They are both theoretical, but available in small sample sizes
Monopoly the game originated in which year?
1903
Why is it impossible to lower or raise prices in a perfect competition?
They are the same products and the barrier to enter is low. Meaning: if you try to lower your price, all other companies will and you will lose money.
How can companies differentiate from one another in a monopolistic competition?
Advertising, sales, building brand loyalty
How is an oligopoly differ from an monopoly?
Multiple companies can exist in an oligopoly
Who sets the prices of monopolistic products?
The 1 company who has the monopoly.
Which company bought the rights to the original Monopoly game?
Parker Bros
What is an example of perfect competition?
Agricultural products; Internet related industries
What happens when supplies are limited in a monopolistic competition?
If the prices go up, then companies may go out of business since there are many viable options for consumers.
Define an oligopoly
consists of a select few companies that combined exert significant influence
Monopolies are illegal in the US. That being said, there are legal monopolies in the US. Name some...
Tap water, Railroads, Internet services, Garbage services, Electrical grids
How much money did the creator of the original Monopoly game get paid for the rights to her game?
$500 (They have sold over $3 Trillion worth of games and swag since 1935)