Vocabulary Oligopoly Monopolistic

CompetitonEverything

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 Competitio

n

$100

$200

$300

$400

$500 $500 $500 $500

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

$200

$300

$400

$500 $500 $500 $500

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