Final Exam

Front

What is a monopoly?

Back

A firm that produces a good or service with no close substitute.

Front

Which of these is the polar opposite of a monopoly? Cartel, Duopoly, Oligopoly, Perfect Competition

Back

Perfect Competition

Front

A de jure monopoly is another way of saying a _________.

Back

legal monopoly

Front

Patents are temporary monopolies given by government to

Back

inventors when they create a new product.

Front

Which of these is not an example of an intellectual property right?
patent, copyright, trademark, factory or farm

Back

factory or farm

Front

Which market structure includes dominance by 3 to 6 firms?

Back

oligopoly

Front

Cartelization occurs when ___________ .

Back

an oligopoly no longer wishes to compete, so they collude

Front

If a cartel member "cheats" the cartel, what are they doing?

Back

They are lowering prices to compete.

Front

Which is a characteristic of perfect competition?

Back

many buyers and many sellers.

Front

What is a commodity?

Back

a product that is the same no matter who makes it.