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ECON_Chapter 7: Market Structures

Quiz by Vasquez_BGHS

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52 questions
Show answers
  • Q1
    perfect competition
    a market structure in which a large number of firms all produce the same product and no single seller controls supply or prices
    30s
  • Q2
    commodity
    a product that is considered the same no matter who produces or sells it
    30s
  • Q3
    barrier to entry
    any factor that makes it difficult for a new firm to enter a market
    30s
  • Q4
    imperfect competition
    a market structure that fails to meet the conditions of perfect competition
    30s
  • Q5
    start-up costs
    the expenses a new business must pay before it can begin to produce and sell goods
    30s
  • Q6
    monopoly
    a market in which a single seller dominates
    30s
  • Q7
    economies of scale
    factors that cause a producer's average cost per unit to fall as output rises
    30s
  • Q8
    natural monopoly
    a market that runs most efficiently when one large firm supplies all of the output
    30s
  • Q9
    government monopoly
    a monopoly created by the government
    30s
  • Q10
    patent
    a license that gives the inventor of a new product the exclusive right to sell it for a specific period of time
    30s
  • Q11
    franchise
    a contract that gives a single firm the right to sell its goods within an exclusive market
    30s
  • Q12
    license
    a government-issued right to operate a business
    30s
  • Q13
    price discrimination
    the division of consumers into groups based on how much they will pay for a good
    30s
  • Q14
    market power
    the ability of a company to control prices and total market output
    30s
  • Q15
    predatory pricing
    selling a product below cost for a short period of time to drive competitors out of the market
    30s

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