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20 Cards in this Set
- Front
- Back
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Economists usually call an industry a(n) ____________ if the four largest firms produce at least 70-80 percent of the output.
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oligopoly
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A market structure with many sellers and many buyers is __________ .
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perfect competition
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A __________ __________ is a market that runs most efficiently when it has one large firm providing all output.
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natural monopoly
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One role of the federal government's Justice Department is to _________ ____ _______ .
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break up monopolies
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An example of a market that meets all four conditions for perfect competition is _________ .
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wheat
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______ is an example of a commodity.
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milk
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A firm with a _________ __________ usually agrees to allow the government to control the price and service provided.
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natural monopoly
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Price discrimination may be found in any market structure except for _________ ___________ .
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perfect competition
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Government is concerned with all of the following practices of oligopolies EXCEPT ____ _________ ___ _____ .
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low barriers to entry
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Compared to a market with perfect competition, a monopoly often has ________ prices and _______ goods .
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higher, fewer
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A market that is a(n) __________ has a few firms dominating the market.
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oligopoly
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If several firms decide together to set the market price below their costs for the short term to drive competitors out of business, they are participating in _________ _______ .
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predatory pricing
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In many industries, ___________ has resulted in lower prices for consumers.
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deregulation
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A market that is a _________ has one seller and many buyers.
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monopoly
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Public outrage with powerful trusts in the late 1800s led Congress to pass _______-_______ legislation.
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anti-trust
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A patent, a license to operate a business, and a franchise are ways that the government can create a ___________ .
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monopoly
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Public water is an example of a(n) _________ ___________ .
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natural monopoly
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What industry is NOT an example of an oligopoly?
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cola
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An example of a _________ ____ ________ is high start-up costs.
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barrier to entry
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Offering products of different tastes and shapes is an example of _________ ___________ .
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nonprice competition
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