Mr. Stickler's Liberty Christian ECON. Ch. 7 Vocab. Quiz 2016
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | "Nature and degree of competition among firms in the same industry." (Pg. 169)
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| show | This term refers to the philosophy that the government should not interfere with business activity. (Pg. 169)
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| Perfect Competition | show 🗑
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| show | "Market structure that does not meet all conditions for perfect competition." (Pg. 172)
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| Monopolistic Competition | show 🗑
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| show | "Real or imagined differences between competing products in the same industry." (Pg. 173)
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| show | "Sales strategy focusing on a product's appearance, quality, or design rather than its price." (Pg. 173)
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| show | "Market structure in which a few large sellers dominate the industry." (Pg. 174)
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| Collusion | show 🗑
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| Monopoly | show 🗑
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| show | "Market structure where average costs of production are lowest when a single firm exists." (Pg. 176)
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| show | "Situation in which the average cost of production falls as a firm gets larger." (Pg. 176)
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| Geographic Monopoly | show 🗑
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| Technological Monopoly | show 🗑
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| Government Monopoly | show 🗑
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| show | "Condition that causes a competitive market to fail." (Pg. 180)
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| show | "Products that are collectively consumed by everyone." (Pg. 181)
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| show | "The practice of selling the same product to different consumers at different prices if it substantially lessens competition." (Pg. 186)
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| Cease and Desist Order | show 🗑
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