Ch. 7 Flashcard

Front

The game console industry is an example of

Back

An oligopoly

Front

Microsoft has been accused of being a(n) ______ and has been fined by the government

Back

monopoly

Front

How might an oligopoly control prices?

Back

Collusion, Price leadership, Nonprice competition

Front

What kind of monopoly does the granting of patents encourage?

Back

Technological Monopoly

Front

What kind of monopoly often provides public goods?

Back

Government Monopoly

Front

When sellers secretly agree to set production levels or prices, it is called

Back

collusion

Front

Which is an industry in a monopolistically competitive market? Cell phone providers, Fast- food restaurants, Strawberry production, Boardwalk

Back

Fast- food restaurants

Front

Which industry is NOT an oligopoly? Comic Books, Film Studios, Smartphone Producers, Clothing Companies

Back

Clothing Companies

Front

Why do monopolies not have to spend money on advertising?

Back

There is no competition and it doesn't make financial sense

Front

The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)

Back

monopolistic competition