Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
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. Your email address is only used to allow you to reset your password. See 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.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
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

Ag Econ

Chapter 9: Monopoly

Term/QuestionDefinition/Answer
Monopoly one firm produces all output in market
Barriers to Entry legal, technological, market forces discouraging/preventing potential competitors from entering market
Natural Monopoly where barriers to entry are something other than legal prohibition
What are some key characteristics of a natural monopoly? high/fixed costs/infrastructure; declining average costs as output increases; most efficient to have 1 provider
What are some examples of a natural monopoly? local utilities; railways in specific region; pipeline network; local cable/internet
What are some examples of natural monopolies in agriculture? big contractors, land ownership
Legal Monopoly law prohibits (severely limits) competition
What are some key characteristics of a legal monopoly? exclusive rights granted by law; protected from competition; often regulated to prevent abuse
What are some examples of legal monopolies? patents; copyrights
Patent gives inventor exclusive legal right to make, use, sell invention for limited time
Trademark identifying symbol or name for particular good
What are some examples of a trademark? McDonald's: Golden Arches, "I'm lovin' it!"; logo, slogan, catchphrase
Copyright form of legal protection to prevent copying for commercial purposes, original works of authorship, books/music
What are some examples of copyright? creative works: movies, music, books; software; video games; marketing materials
Trade Secrets method of production kept secret by producing firm
What are some examples of trade secrets? KFC's 11 herbs and spices; coka-cola recipe
What are some examples of a patent? Tesla battery; coke bottle shape; apple airpods; Nike shoe; Monsanto GMD
Intellectual Property law protects rights of inventors to produce/sell inventions; body of law including patents, trademarks, copyrights, trade secrets
Deregulation removing government controls over selling prices/quantities in certain industries
Predatory Pricing firm uses threat of sharp price cuts to discourage competition - violation of U.S. antitrust law: difficult to prove
What is an example of predatory pricing? Walmart vs. local retail (Shopko): Lower price in specific area; accused target local stores; uses size advantage
Marginal Profit profit of one more unit output, computed as marginal revenue minus marginal cost; MR-MC=MP
What are the three steps of calculating Marginal Profit? 1. Monopolist decides profit maximizing level of output; 2. Monopolist decides what price to charge; 3. Calculate total revenue, cost and proft
Allocative Efficiency Resources are used to produce goods/services most valued by society; no one can be made better off w/o making someone else worse off
Created by: horktera
Popular Economics sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards