- Slides: 53
Jeopardy Vocab 1 Vocab 2 Perfection Mono e mono Put em up Q $100 Q $100 Q $200 Q $200 Q $300 Q $300 Q $400 Q $400 Q $500 Q $500 Final Jeopardy
$100 • Product that is the same no matter who produces it.
$100 • Commodity
$200 Grouping consumers based on how much they will pay for a good.
$200 Price discrimination
$300 Selling a product below cost for a Short period of time to drive Competitors out of the market.
$300 Predatory pricing
$400 When two or more companies join To form a single firm
$500 Factor that makes it difficult for a New firm to enter a market
$500 Barrier to Entry (start up costs) (advanced technology requiring expert knowledge)
$100 Illegal agreement among firms To divide the market, set prices, and limit production
$200 Market structure in which many companies sell products that are similar but not identical
$200 Monopolistic competition.
$300 Laws that encourage competition in the marketplace and prevent monopolies from forming
$300 Antitrust Laws
$400 Expenses new businesses must pay before they can begin to produce and sell goods.
$400 Start-up costs
$500 License that gives an inventor exclusive right to sell a new product.
$100 The market that exists when one large firm supplies all of the output at the lowest average cost.
$100 Natural Monopoly
$200 Perfect competition requires what kinds of products?
$300 Low grade gasoline is considered to be this Type of product
$400 Market structure where marginal revenue is lower than price
$500 In a perfectly competitive market, no producer can influence this.
$100 Exists when four companies dominate 50% or more of the market
$200 Condition that exists when average costs continue to decrease as output increases
$200 Economies of Scale
$300 This happens when a firm tries to compete with a natural monopoly
$300 Failure or they go out of Business.
$400 The best way for private enterprise to break up a monopoly.
$400 New technology or innovation
$500 Franchises, licenses, patents and major league baseball
$500 Government monopolies
$100 Advertising, product differentiation and this are examples of non-price competition
$100 Service and/or location
$200 Fierce competition and _______ Are two market trends that will occur if a monopolistically competitive starts To earn profits well above its costs.
$200 New firms
$300 In an oligopoly this type of Firm sets price and output For the entire industry.
$300 Price leader
$400 The electrical contractors who made bids for electrical contracts with the TVA were guilty of this.
$400 Collusion or price fixing
$500 This led to a more competitive Environment in the airline industry.
Final Jeopardy A business combination similar to a cartel made illegal in 1890
Final Jeopardy Answer Trust