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7-2 vocabulary jw
| Question | Answer |
|---|---|
| Occurs when there is only one seller of a product that has no close substitutes. | monopoly |
| A group that acts together to set prices and limit output. | Cartel |
| A firm that does not have to consider competitors when setting the prices of its products. | Price maker |
| Makes it hard for a new business to enter a market. | barrier to entry |
| Occurs when the costs of production are lowes with only one producer. | natural monopoly |
| Exists when the government either owns and runs the business or authorizes only one producer. | Government monopoly |
| Occurs when a firm controls a manufacturing method, invention, or type of technology. | technology monopoly |
| Exists when there are no other producers within a certain region. | Geographical monopoly |
| Occur when the average cost of production falls as the producer grows larger. | Economies of scale |
| Gives an inventor the exclusive property rights to that invention or process for a certain number of years. | patent |
| What are three characteristics of a monopoly? | Only one seller, restricted or regulated market, control of prices |
Created by:
joannw15
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