Microeconomics Word Scramble
|
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
Normal Size Small Size show me how
| Term | Definition |
| Monopoly | Single seller and very strong barriers to entry is critical to this market structure |
| Perfect competition | Very large numbers of sellers Firms sell a homogenous product Virtually no barriers to entry or exit |
| Economies of scale | Are the cost advantages that enterprises obtain due to size, output, or scale of operation |
| Oligopoly | Monopolistically competitive market produce less and charge higher prices than if they were competitive markets |
| Cartel | is a group of firms formally agreeing to control the price and the output of a product |
| Substitute goods | When a price reduction (rise) for a related reduces (increases) the demand for a primary product, it is a substitute for the primary product |
| Complementary goods | When a price reduction (rise) for a related product increases (reduces) the demand for a primary product. It is a complement for the primary product. Ex: Peanut butter / Jelly |
Created by:
CMadonna
Popular Economics sets