Vocabulary Oligopoly Monopolistic
CompetitonEverything
Else
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Monopoly
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$500
Perfect Competitio
n
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Vocabulary OligopolyMonopolistic Competition
Everything
Else
$100 $100 $100 $100
$200 $200 $200 $200
$300 $300 $300 $300
$400 $400 $400 $400
$500
Monopoly
$400
$100
$200
$300
$500
Perfect Competition
$100
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Vocabulary $100
bBack to Board
What gives a company the exclusive right to sell and produce a good or service for a limited time?
A License
B. patent
C. franchise
D. Nonprice competition
Back to Board
Vocabulary- $200When the government no longer decides how
much a company can charge or make in profits is called?
A. franchise
B. Economies of scale
C. deregulation
D. regulation
c
Back to Board
Vocabulary- $300The ability of a company to make its product very
different from other competitors
A. Price fixing
B. Collusion
C. Differentiation
D. Oligopoly
c.
Back to Board
Vocabulary - $400Term used when a company can successfully
lower its total costs as it produces more products
A. Monopolies
B. Price Fixing
C. Cartels
D. Economies of Scale
d
Back to Board
Vocabulary - $500Which of the following companies was
regulated by the government through the passage of the Sherman Anti-trust law?
A. Standard Oil Company
B. Holister
C. Microsoft
D. Starbucks
a
Back to Board
Perfect Competition- $100Why is the market for tomatoes an example
of perfect competition?
Many companies selling an identical product
Back to Board
Perfect Competition- $200What are sellers able to do under the
conditions of perfect competition?
Enter and Exit Freely
Perfect Competition - $300
Why does Consumer Reports Magazine relate to 1 of the 4 characteristics of Perfect Competition?
Buyers an sellers are well informed
Back to Board
Back to Board
Perfect Competition- $400What word is best used to talk about
businesses that compete under the conditions of perfect competition?
A. Inefficient
B. Diseconomies of scale
C. Efficient
D. Price Fixing
c
Perfect Competition - $500What business in Strongsville is an example
of perfect competition?
A.Best Buy
B. Starbucks
C. Robecks
D. Pat Catans
b
Back to Board
Back to Board
Monopoly- $100What type of barriers exist in order to enter
the market where a monopoly exists?
Complete
Back to Board
Monopoly - $200At what cost will the monopolist charge?
A. The highest
B. Where MR = MC
C. At the point where demand exceeds supply
D. At the point in which marginal revenue exceeds marginal cost
b
Back to Board
Monopoly - $300Which of these will NOT lead to a monopoly
A. patent
B. A franchise
C. Antitrust laws
D. A license
c
Back to Board
Monopoly - $400Price discrimination is when a monopolist divides
consumers into 2 groups and charges a different price to each group. Which of the following is NOT an example of price discrimination?
A. Advertising
B. Rebate Offers
C. Senior citizens or student discounts
D. Children stay free promotions
a
Monopoly - $500
What are the 4 characteristics of a monopoly?
1 firm, no variety of goods, barriers to entry are complete and complete control over prices
Back to Board
Back to Board
Oligopoly - $100Which of the following is an example of an oligopoly?
A. Restaurants
B. Cereal Manufacturers
C. Books
D. Candy
b
Back to Board
Oligopoly- $200
What international organization that exports oil is an example of a cartel?
OPEC
Back to Board
Oligopoly - $300What do we call an agreement among firms to
charge one price for the same good?
A. collusion
B. cartel
C. franchise
D. Price fixing
d
Back to Board
Oligopoly - $400
A. Coordinating and integrating systems
B. Autonomic mechanisms
C. Reflex controls
D. Limbic systems
A
Back to Board
Oligopoly - $500 What are the 4 characteristics of
oligopolies?
A few firms, variety of goods – some, barriers to entry are high and some control over prices
Back to Board
MC- $100In monopolistic competition,many
companies compete in an open market to sell ______ but not identical products
A.Similar
B.Different
C.Many
D.Few
a
Back to Board
MC- $200Which of the following is NOT an example of nonprice competition?
A. Location
B. Physical characteristics
C. Discounts
D. Advertising
c
Back to Board
MC - $300How many children were on the TV
show The Brady Bunch?
6
Back to Board
MC - $400
d
MC - $500
What are the 4 characteristics of monopolistic competition?
Number of firms – many, some variety of goods, little control over prices, low barriers to entry.
Back to Board
Back to Board
Everything Else- $100What is a variable cost and provide an example
Anything a business uses that changes from month to month – inventory, hiring new workers
Back to Board
Everything Else- $200A producers profits are maximized when Marginal Costs are ?
A. Equal to fixed costs minus variable costs
B. Less than variable costs
C. Resulting in decreasing marginal returns
D. Are equal to marginal revenue
D
Back to Board
Everything Else- $300What is a marginal cost?
The cost of producing one more unit of a good
Everything Else - $400
DAILY DOUBLE!!!
Back to Board
Everything Else- $400What is the minimum wage an example of?
A price floor
Back to Board
Everything Else- $500Which of the following is an example of a good with
an inelastic demand?
A. Life-saving medicine
B. Television Sets
C. Computers
D. A particular brand of chewing gum
A
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