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ECON CH. 7 QUIZ 2017

Mr. Stickler's Liberty Christian ECON. Ch. 7 Vocab. Quiz 2016

TermDefinition
Market Structure "Nature and degree of competition among firms in the same industry." (Pg. 169)
"Laissez-faire" This term refers to the philosophy that the government should not interfere with business activity. (Pg. 169)
Perfect Competition "Market structure with many well-informed and independent buyers and sellers who exchange identical products." (Pg. 170)
Imperfect Competition "Market structure that does not meet all conditions for perfect competition." (Pg. 172)
Monopolistic Competition "Market structure that meets all conditions of perfect competition except identical products." (Pg. 173)
Product Differentiation "Real or imagined differences between competing products in the same industry." (Pg. 173)
Nonprice Competition "Sales strategy focusing on a product's appearance, quality, or design rather than its price." (Pg. 173)
Oligopoly "Market structure in which a few large sellers dominate the industry." (Pg. 174)
Collusion "Agreement, usually illegal, among producers to fix prices, limit output, or divide markets." (Pg. 174)
Monopoly "Market structure with a single seller of a particular product." (Pg. 175)
Natural Monopoly "Market structure where average costs of production are lowest when a single firm exists." (Pg. 176)
Economies of Scale "Situation in which the average cost of production falls as a firm gets larger." (Pg. 176)
Geographic Monopoly "Market structure in which one firm has a monopoly in a geographic area." (Pg. 176)
Technological Monopoly "Monopoly based on a firm's ownership or control of a production method, process, or other scientific advance." (Pg. 176)
Government Monopoly "A monopoly owned & operated by the government." (Pg. 177)
Market Failure "Condition that causes a competitive market to fail." (Pg. 180)
Public Goods "Products that are collectively consumed by everyone." (Pg. 181)
Price Discrimination "The practice of selling the same product to different consumers at different prices if it substantially lessens competition." (Pg. 186)
Cease and Desist Order "A Federal Trade Commission ruling requiring a company to stop an unfair business practice, such as price-fixing, that reduces or limits competition among firms." (Pg. 186)
Created by: sticklerpjpII