Fall 2024 - 4.1 Flashcard - Period 4

Front

Any factor that makes it difficult for new firms to enter such as money and technological knowledge

Back

Barrier to entry

Front

Expenses a new business must pay before the first product reaches the customer.

Back

Start up costs

Front

Training and education needed to start certain businesses

Back

Technological barrier - (Knowledge about the business)

Front

A product is considered the same regardless of who makes it.

Back

Commodity

Front

A market with many firms, identical products, and low barriers to entry

Back

Perfect competition

Front

What is the relationship between start-up costs and competitive market?

Back

High start-up costs reduce competition

Front

Milk is considered a commodity because it is which of the following? Bought in many different ways, An inexpensive product, The same no matter who sells it

Back

The same no matter who sells it

Front

Under perfect competition, each seller of a product is a

Back

Price taker