AP Microeconomics Unit 4

Front

The graph shows a(n): oligopsony, monopoly, monopsony, perfectly competitive factor market and firm

Back

perfectly competitive factor market and firm

Front

What does marginal mean in the language of economics?

Back

Additional

Front

What does utility mean in the language of economics?

Back

Satisfaction

Front

If every consumers needs are being met perfectly and every good that is being made is being sold, what type of efficiency is being achieved?

Back

Allocative Efficiency

Front

When there is only one seller of a good or service, they are said to have a?

Back

Monopoly

Front

When there are only a few sellers of a type of produce, like Smart phones, there is said to be an?

Back

Oligopoly

Front

When there is lots of competition in a market because the barriers to entry are low and there are many substitutes that exist, this is called?

Back

Perfect Competition

Front

Laws that are meant to stop monopolies from forming are called?

Back

Anti-Trust Laws

Front

Price fixing and collusion often occur in this type of market structure: monopoly, oligipoly, perfect competition, monopolistic competition.

Back

oligipoly

Front

The airline industry is most likely in the market structure called

Back

oligopoly