3. Vocabulary Oligopoly Monopolistic Competiton Everything Else $100100$100100$100100$100100 $200200$200200$200200$200200 $300300$300300$300300$300300 $400400$400400$400400$400400 $500500 Monopoly $400400 $100100 $200200 $300300 $500500 Perfect Competitio n $100100 $200200 $300300 $400400 $500500$500500$500500$500500

4. VocabularyOligopoly Monopolistic Competition Everything Else $100100$100100$100$100100 $200200$200 200$200 $300300$300300$300300$300 $400400$400$400$400 $500500 Monopoly $400400 $100100 $200200 $300300 $500 Perfect Competition $100100 $200200 $300 $400400 $500500$500$500$500

5. Vocabulary $100 b Back to Board What gives a company the exclusive right to sell and produce a good or service for a limited time? A License B. patent C. franchise D. Nonprice competition

6. Back to Board Vocabulary- $200 When the government no longer decides how much a company can charge or make in profits is called? A. franchise B. Economies of scale C.deregulation D. regulation c

7. Back to Board Vocabulary- $300 The ability of a company to make its product very different from other competitors A.Price fixing B. Collusion C.Differentiation D.Oligopoly c.

8. Back to Board Vocabulary - $400 Term used when a company can successfully lower its total costs as it produces more products A.Monopolies B. Price Fixing C. Cartels D. Economies of Scale d

9. Back to Board Vocabulary - $500 Which of the following companies was regulated by the government through the passage of the Sherman Anti-trust law? A.Standard Oil Company B. Holister C. Microsoft D. Starbucks a

10. Back to Board Perfect Competition- $100 Why is the market for tomatoes an example of perfect competition? Many companies selling an identical product

11. Back to Board Perfect Competition- $200 What are sellers able to do under the conditions of perfect competition? Enter and Exit Freely

12. Perfect Competition - $300 Why does Consumer Reports Magazine relate to 1 of the 4 characteristics of Perfect Competition? Buyers an sellers are well informed Back to Board

13. Back to Board Perfect Competition- $400 What word is best used to talk about businesses that compete under the conditions of perfect competition? A. Inefficient B. Diseconomies of scale C. Efficient D. Price Fixing c

14. Perfect Competition - $500 What business in Strongsville is an example of perfect competition? A.Best Buy B. Starbucks C. Robecks D. Pat Catans b Back to Board

15. Monopoly- $100 What type of barriers exist in order to enter the market where a monopoly exists? Complete

16. Back to Board Monopoly - $200 At what cost will the monopolist charge? A.The highest B. Where MR = MC C.At the point where demand exceeds supply D. At the point in which marginal revenue exceeds marginal cost b

17. Back to Board Monopoly - $300 Which of these will NOT lead to a monopoly A.patent B.A franchise C.Antitrust laws D.A license c

18. Back to Board Monopoly - $400 Price discrimination is when a monopolist divides consumers into 2 groups and charges a different price to each group. Which of the following is NOT an example of price discrimination? A. Advertising B. Rebate Offers C. Senior citizens or student discounts D. Children stay free promotions a

19. Monopoly - $500 What are the 4 characteristics of a monopoly? 1 firm, no variety of goods, barriers to entry are complete and complete control over prices Back to Board

20. Oligopoly - $100 Which of the following is an example of an oligopoly? A. Restaurants B. Cereal Manufacturers C. Books D. Candy b

21. Back to Board Oligopoly- $200 What international organization that exports oil is an example of a cartel? OPEC

22. Back to Board Oligopoly - $300 What do we call an agreement among firms to charge one price for the same good? A. collusion B. cartel C. franchise D. Price fixing d

23. Back to Board Oligopoly - $400 A.Coordinating and integrating systems B. Autonomic mechanisms C. Reflex controls D. Limbic systems A

24. Back to Board Oligopoly - $500 What are the 4 characteristics of oligopolies? A few firms, variety of goods – some, barriers to entry are high and some control over prices

25. Back to Board MC- $100 In monopolistic competition,many companies compete in an open market to sell ______ but not identical products A.Similar B.Different C.Many D.Few a

26. Back to Board MC- $200 Which of the following is NOT an example of nonprice competition? A. Location B. Physical characteristics C. Discounts D. Advertising c

27. Back to Board MC - $300 How many children were on the TV show The Brady Bunch? 6

28. Back to Board MC - $400 d

29. MC - $500 What are the 4 characteristics of monopolistic competition? Number of firms – many, some variety of goods, little control over prices, low barriers to entry. Back to Board

30. Everything Else- $100 What is a variable cost and provide an example Anything a business uses that changes from month to month – inventory, hiring new workers

31. Back to Board Everything Else- $200 A producers profits are maximized when Marginal Costs are ? A. Equal to fixed costs minus variable costs B. Less than variable costs C. Resulting in decreasing marginal returns D. Are equal to marginal revenue D

32. Back to Board Everything Else- $300 What is a marginal cost? The cost of producing one more unit of a good

33. Everything Else - $400 DAILY DOUBLE!!!

34. Back to Board Everything Else- $400 What is the minimum wage an example of? A price floor

35. Back to Board Everything Else- $500 Which of the following is an example of a good with an inelastic demand? A.Life-saving medicine B. Television Sets C. Computers D. A particular brand of chewing gum A