1. Economics
Chapter 7 Review

2. Vocabulary trust economies of scale oligopoly negative externality
monopoly

3. Vocabulary cease and desist order patent collusion
product differentiation
price discrimination

4. Concepts Market Structures Externalities Characteristics/Descriptions
Perfect competition
Monopolistic Competition
Oligopoly
Monopoly
Types
Characteristics
Externalities

5. Concepts What are the conditions of perfect competition?
What do these conditions imply?
Monopoly
What are the different types of monopolies?
What is the result of monopolies in the market?

6. Concepts What might be the results in the economy of mergers?
Role of Government
What is its role, and what does it provide?

7. Competitive Continuum
If you were to place the different market structures on a continuum, where would;
perfect competition,
oligopoly,
monopoly,
monopolistic competition be located?

8. Concepts Governmental Regulatory Agencies
Basic understanding of what they do.
Identify and describe them
What are they?
What do they do?
Why are they needed?
How does this government interaction help the public/consumers?

9. Concepts Anti-trust Laws What did they do? Why were they needed?
Sherman Antitrust Act (1890)
Clayton Antitrust Act (1914)

10. Concepts Federal Trade Commission Act (1914)
Regulate unfair competition in interstate commerce.
Robinson – Patman Act (1936)
Forbade rebates and discounts unless they were offered to all buyers.

11. Visuals – Section 1
Pg. 191

12. Visuals – Section 2
Pg. 191

13. Visuals – Section 1
Pg. 191

14. Federal Regulatory Agencies
Pg. 187

15. Characteristics of Market Structures
Pg. 175

16. Essays
What are the 5 conditions of perfect competition? Why are they important?

17. Essays
Describe negative externalities. How can negative externalities be corrected? Can the solution to one externality be a problem for others? Why?

18. Essays
What are the problems with monopolies? What effect, if any, do monopolies have on consumers and the economy?

19. Essays
Why does the government regulate monopolistic companies? Why do government officials believe that all corporations need to stay away from those business practices that may be considered monopolistic in nature?