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- Multiple ChoicePlease save your changes before editing any questions.
In a market economy with perfect competition sellers
control prices
enter and exit the market freely
join with other sellers
have incomplete information about market conditions
- Multiple ChoicePlease save your changes before editing any questions.
Some examples of standardized products include
eggs and milk
shirts and jeans
smart phones and computers
chairs and tables
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In a market economy with imperfect competition sellers
are always well informed of market conditions
never have control over prices
offer only standardized products
sometimes join with other sellers to influence prices
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a market structure where only one producer, produces a product with NO close substitutes
cartel
monopoly
oligopoly
trust
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Monopolists are able to control prices because they have
much competition and there are many substitutes for their products
much competition and there are no close substitutes for their products
no competition and there are many substitutes for their products
no competition and there are no close substitutes for their products
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A monopoly in which the costs of production are lowest when only one firm provides output is called a
geographic monopoly
government monopoly
natural monopoly
technological monopoly
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A monopoly that exists because a firm controls an invention is called a
geographic monopoly
government monopoly
natural monopoly
technological monopoly
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situation in which the average cost of production falls as the producer grows larger is called
barrier to entry
economies of scale
predatory pricing
public disclosure
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Using advertising to try to convince customers to buy one product rather than another is a form of
antitrust competition
focus competition
monopolistic competition
nonprice competition
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monopolistic competition there are
few sellers and few buyers
few buyers but many seller
many buyers but few sellers
many buyers and many sellers
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The expenses that a new business pay to enter a market are called
basic costs
entrance costs
initiation costs
start-up costs
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An oligopolist sells
either standardized or differentiated products
more standardized than differentiated products
only differentiated products
only standardized products
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Laws that give government the power to control monopolies and to break them up are called
anticartel legislation
antimonopoly legislation
antimerger legislation
antitrust legislation
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A merger happens when one company
causes another company go bankrupt
divides and forms several firms
joins another company to form a single firm
sells their business and reinvests in another market
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Reducing or eliminating government control of business is called
deregulation
desisting
disclosure
discrimination