Jeopardy Vocab 1 Vocab 2 Perfection Mono e

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

$400 Merger

$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

$100 Collusion

$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.

$500 Patent

$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?

$200 Identical

$300 Low grade gasoline is considered to be this Type of product

$300 Commodity

$400 Market structure where marginal revenue is lower than price

$400 Monopoly

$500 In a perfectly competitive market, no producer can influence this.

$500 Price

$100 Exists when four companies dominate 50% or more of the market

$100 Oligopoly

$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.

$500 Deregulation

Final Jeopardy A business combination similar to a cartel made illegal in 1890

Final Jeopardy Answer Trust