Economics Ch. 7 & 8

Flashcard
•
Social Studies
•
12th Grade
•
Hard
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29 questions
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1.
FLASHCARD QUESTION
Front
Why does no one firm dominate in a perfect competition? Options: No firm wants to, Each firm sells to different people, Each firm produces so little of the total supply that they cannot influence prices, One firm will eventually dominate and make it a monopoly
Back
Each firm produces so little of the total supply that they cannot influence prices
2.
FLASHCARD QUESTION
Front
Factors that make it difficult for new firms to enter a market are called
Back
Barriers to entry
3.
FLASHCARD QUESTION
Front
What prevents firms from entering a monopoly?
Back
Barriers to Entry
4.
FLASHCARD QUESTION
Front
Businesses can "Collude" or work together to set prices. Options: Oligopoly, Monopoly, Perfect Competition
Back
Oligopoly
5.
FLASHCARD QUESTION
Front
Which of the following industries is an example of a monopoly? utilities/water, department stores, auto industry, commercial airlines
Back
utilities/water
6.
FLASHCARD QUESTION
Front
A market that has a few sellers of basically the same goods.
Back
Oligopoly
7.
FLASHCARD QUESTION
Front
If a single firm raises its price it will not be able to sell any of its output.
Back
Perfect Competition
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