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Ch 7 Markets

Spalding Academy 10th Econ

Government efforts aimed at preventing monopoly and promoting competition in markets where competition is desirable Antitrust activity
Anything that prevents new firms form competing on an equal footing with existing firms in an industry Barriers to entry
A group of firms that agree to coordinate and pricing decisions to maximize group profits by behaving a monopolist Cartel
A product that is identical across sellers, such as a bushel of wheat Commodity
A regulation in government control over prices and firm entry in previously regulated markets, such as airlines and trucking Deregulation
The ability of a firm to raise its price without losing all its customers to rivals Market power
Important features of a market such as the number of buyers and sellers, product uniformity across sellers, ease of entering the market, and forms of competition Market structure
The combination of two or more firms to form a single firm Merger
A market structure with no entry barriers and many firms selling products differentiated enough that each firm’s demand curve slopes downward Monopolistic competition
A sole supplier of a product with no close substitutes Monopoly
A market structure with a small number of firms whose behavior is interdependent Oligopoly
A market structure with many fully informed buyers and sellers of an identical product with no barriers to entry Perfect competition
What are the four features that identify different market structures? Numbers of buyers and sellers, product’s uniformity across suppliers, ease of entry into the market, forms of competition among firms
How does the market structure of monopolistic competition contain elements of both "monopoly" and "competition"? Monopolistic: each firm has some control over price, competition: barriers to entry are low
How can a firm introducing a new frozen pizza product to the market differentiate their product? Physical differences, location, product image, etc
Differentiate between "horizontal mergers" and "non-horizontal mergers." horizontal: merger involving firms in the same market, non- horizontal: mergers involving firms in different markets
What would happen to the market of a firm that found, patented, and received FDA approval to market a drug that prevents HIV infections? Why might such a firm not charge an extremely high price for this drug? Millions of people would want to take this drug to prevent getting HIV. Willing to pay a high price for it. Firm will avoid high prices to prevent public outcry and gov’t regulation
Created by: rejoyce431