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34 Cards in this Set

  • Front
  • Back
resource immobility is an obstacle to
efficient resource allocation
Franchise
company has exclusive rights to do business in an area
Laissez-faire
philosophy that government should not interfer with commerce
economies of scale
situation in which large size leads to effeciency
oligopoly
market situation in which there are only a few large sellers of a product
pure competition
market situation in which a large number of independent and well-informed buyers and sellers deal with identical products
monopoly
market situation in which there is only one seller of a product that has no close substitutes
well-informed buyers and sellers
identical products
independent buyes and sellers
Characteristics of pure competition
geographic monopoly
type of monopoly that is a result of location of a business
types of market structure
pure competition
oligopoly
monopolistic competition
collusion
sometimes takes the form of price-fixing
pure competition
includes independent and well-informed buyers and sellers
monopoly
only one seller of a product with no close substitutes
price war
competing producers underselling each other
industry
the supply side of the market
patent
provides government protection to inventors
nonprice competition
the use of product differentiation and advertising to attract buyers
interdependent behavior
copeting companies follow each other's actions
capitalism
economic system based on the theory of laissez-faire
steel and automobile industry is an example of what market structure?
oligopoly
Pure competition
large number of buyers and sellers exist
To stop unfair business practices what is used
a cease and desist order
Public utility companies are an example of what type of monopoly?
natural monopolies
United States Constitution
contains the inventors right to protection
condition needed for the success of a competitive Market is
product loyalty of consumers
To stop unfair business practices what is used
a cease and desist order
Public utility companies are an example of what type of monopoly?
natural monopolies
United States Constitution
contains the inventors right to protection
condition needed for the success of a competitive Market is
product loyalty of consumers
List three reasons the government is involved in the US economy.
1.promote and encourage competition
2.prevent monopolies that deny the public the benefits of competion
3. regulate industries in which a monopoly is in the public interest
Give an example of public disclosure law.
requiring content labels on food products
the first effective federal legislation to regulare big business was enacted in the ________ century
nineteenth
The FTC was established to regulate
interstate commerce
The Clayton Antitrust Act
outlawed price discrimination