Imperfect Competition - End

Front

What are the characteristics of goods that experience the tragedy of the commons?

Back

High rivalry and low excludability.

Front

What is the main function of the Sherman Anti-Trust Act?

Back

To promote competitiveness in the market.

Front

What does a firm with a demand curve slope of -3 indicate?

Back

The firm has market power.

Front

Which of the following is NOT a monopolistically competitive market?

Back

Aircraft.

Front

Which good has low excludability and rivalry?

Back

NPR broadcasts.

Front

Define imperfect competition.

Back

A market structure where firms have some control over the price of their products, unlike in perfect competition.

Front

What is market power?

Back

The ability of a firm to influence the price of its product or service in the market.

Front

What is the significance of high rivalry in a market?

Back

It indicates that many consumers compete for the same goods, often leading to lower prices.

Front

Explain the concept of excludability in economics.

Back

Excludability refers to the ability to prevent someone from using a good or service.

Front

What is a monopolistically competitive market?

Back

A market structure characterized by many firms selling similar but not identical products.