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Economics Ch. 7

Prentis Hall Economics New Ulm

QuestionAnswer
Which is an example of a commodity? milk
A market that is a monopoly has one seller and many buyers.
Public outrage with powerful trusts in the late 1800s led Congress to pass anti-trust legislation.
An example of a market that meets all four conditions for perfect competition is wheat.
A market structure with many sellers and many buyers is perfect competition.
Offering products of different tastes and shapes is an example of nonprice competition.
An example of a barrier to entry is high start-up costs.
Compared to a market with perfect competition, a monopoly often has higher prices and fewer goods.
In many industries, deregulation has resulted in lower prices for consumers.
A market that is an oligopoly has a few firms dominating the market.
A patent, a license to operate a business, and a franchise are ways that the government can create a monopoly.
Economists usually call an industry an oligopoly if the four largest firms produce at least 70–80 percent of the output.
Price discrimination may be found in any market structure except for perfect competition.
One role of the federal government's Justice Department is to break up monopolies.
If several firms decide together to set the market price below their costs for the short term to drive competitors out of business, they are participating in predatory pricing.
A firm with a natural monopoly usually agrees to allow the government to control the price and service provided.
A natural monopoly is a market that runs most efficiently when it has one large firm providing all output.
Public water is an example of a(n) natural monopoly.
For a perfectly competitive market to function properly, buyers and sellers must have access to adequate information. Sellers need to learn about competitors in the marketplace and buyers need to learn about the best deal possible for the product they plan to purchase.
What is one reason that individual producers in a perfectly competitive market have no influence over prices? Perfectly competitive firms produce a small amount of a product compared to the total supply
A product that is the same no matter who produces it, such as beef, gasoline, or corn is a commodity.
A market that runs most efficiently when one large firm supplies all of the output is referred to as a natural monopoly. The United States Postal Service is an example of a natural monopoly.
The right to sell a good or service within an exclusive market is a francise.
A government-issued right to operate a business is a license.
The removal of some government controls over a market is called deregulation.
The combination of two or more companies into a single firm is a merger.
A company that requires customers to buy multiple products from that company to obtain the one product that the customer truly wants is working around antitrust laws to gain control over the market.
Laws that encourage competition in the marketplace are called antitrust laws.
The name for a formal organization of producers that agree to coordinate prices and production is a cartel.
An agreement among firms to charge one price for the same good is price fixing.
What are the three practices of oligopolies that concern the government the most? price fixing, collusion, and cartels
An agreement among firms to divide the market, set prices, or limit production is collusion.
Created by: gcowing
 

 



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