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Economics Unit 2

Mr. Orr

QuestionAnswer
What is an Oligopoly? type of market where a few large firms produce similar
What is Monopolistic Competition? large competition could substitute for each other
What is Perfect Competition? unlimited or infinite business in the market. complete ease of entrance and exit of of the market.
another name for fixed cost? Overhead cost
What are types of monopolies Geographic, Technological, Governmental, Natural
3 levels of business/ stages of production? Increasing returns, Diminishing returns, negative returns
In order to have a paradoxical demand? (2 things) Extreme poverty, Inferior good
What are loss leaders? items that are used to draw people in to buy other things?
What is Diminishing Marginal Utility? The more you have of any one thing the less valuable it become less useful.
Market of characteristics (5) Numbers of businesses, type of products sold, ease of entrance and exit, information available within a market, amount of price control per business
Created by: JamieCunningham