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Jeopardy Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy Vocab 1Vocab 2Perfection Mono e mono Put em up
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$100 Product that is the same no matter who produces it.
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$100 Commodity
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$200 Grouping consumers based on how much they will pay for a good.
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$200 Price discrimination
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$300 Selling a product below cost for a Short period of time to drive Competitors out of the market.
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$300 Predatory pricing
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$400 When two or more companies join To form a single firm
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$400 Merger
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$500 Factor that makes it difficult for a New firm to enter a market
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$500 Barrier to Entry (start up costs) (advanced technology requiring expert knowledge)
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$100 Illegal agreement among firms To divide the market, set prices, and limit production
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$100 Collusion
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$200 Market structure in which many companies sell products that are similar but not identical
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$200 Monopolistic competition.
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$300 Laws that encourage competition in the marketplace and prevent monopolies from forming
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$300 Antitrust Laws
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$400 Expenses new businesses must pay before they can begin to produce and sell goods.
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$400 Start-up costs
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$500 License that gives an inventor exclusive right to sell a new product.
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$500 Patent
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$100 The market that exists when one large firm supplies all of the output at the lowest average cost.
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$100 Natural Monopoly
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$200 Perfect competition requires what kinds of products?
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$200 Identical
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$300 Low grade gasoline is considered to be this Type of product
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$300 Commodity
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$400 Market structure where marginal revenue is lower than price
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$400 Monopoly
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$500 In a perfectly competitive market, no producer can influence this.
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$500 Price
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$100 Exists when four companies dominate 50% or more of the market
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$100 Oligopoly
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$200 Condition that exists when average costs continue to decrease as output increases
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$200 Economies of Scale
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$300 This happens when a firm tries to compete with a natural monopoly
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$300 Failure or they go out of Business.
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$400 The best way for private enterprise to break up a monopoly.
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$400 New technology or innovation
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$500 Franchises, licenses, patents and major league baseball
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$500 Government monopolies
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$100 Advertising, product differentiation and this are examples of non-price competition
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$100 Service and/or location
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$200 Fierce competition and _____ _______ Are two market trends that will occur if a monopolistically competitive starts To earn profits well above its costs.
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$200 New firms
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$300 In an oligopoly this type of Firm sets price and output For the entire industry.
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$300 Price leader
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$400 The electrical contractors who made bids for electrical contracts with the TVA were guilty of this.
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$400 Collusion or price fixing
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$500 This led to a more competitive Environment in the airline industry.
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$500 Deregulation
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Final Jeopardy A business combination similar to a cartel made illegal in 1890
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Final Jeopardy Answer Trust
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