Spalding Academy 10th Econ
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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Government efforts aimed at preventing monopoly and promoting competition in markets where competition is desirable | Antitrust activity
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Anything that prevents new firms form competing on an equal footing with existing firms in an industry | Barriers to entry
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A group of firms that agree to coordinate and pricing decisions to maximize group profits by behaving a monopolist | Cartel
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A product that is identical across sellers, such as a bushel of wheat | Commodity
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A regulation in government control over prices and firm entry in previously regulated markets, such as airlines and trucking | Deregulation
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The ability of a firm to raise its price without losing all its customers to rivals | Market power
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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
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The combination of two or more firms to form a single firm | Merger
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A market structure with no entry barriers and many firms selling products differentiated enough that each firm’s demand curve slopes downward | Monopolistic competition
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A sole supplier of a product with no close substitutes | Monopoly
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A market structure with a small number of firms whose behavior is interdependent | Oligopoly
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A market structure with many fully informed buyers and sellers of an identical product with no barriers to entry | Perfect competition
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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
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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
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How can a firm introducing a new frozen pizza product to the market differentiate their product? | Physical differences, location, product image, etc
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Differentiate between "horizontal mergers" and "non-horizontal mergers." | horizontal: merger involving firms in the same market, non- horizontal: mergers involving firms in different markets
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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
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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