Market Structures Unit Test

Front

Philosophy that government should not interfere with commerce or trade.

Back

Laissez Faire

Front

The nature and degree of competition among firms operating in the same industry.

Back

Market Structure

Front

Large number of well-informed independent buyers and sellers who exchange identical products.

Back

Perfect Competition

Front

To a market structure that lacks one or more of the conditions of perfect competition.

Back

Imperfect Competition

Front

The market structure that has all the conditions of perfect competition except for identical products.

Back

Monopolistic Competition

Front

Real or imagined differences between competing products in the same industry.

Back

Product Differentiation

Front

The use of advertising, giveaways, or other promotional campaigns to convince buyers that the product is somehow better than another brand.

Back

Non-price Competition

Front

Formal agreement to set prices or to otherwise behave in a cooperative manner.

Back

Collusion

Front

Agreeing to charge the same or similar prices for a product.

Back

Price Fixing

Front

Market structure with only one seller of a particular product.

Back

Monopoly