Busy. Please wait.

show password
Forgot Password?

Don't have an account?  Sign up 

Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Don't know
remaining cards
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
restart all cards
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

ECON CH. 7 QUIZ 2017

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

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