Unit 2 Economics

Pure competition demands that there be a very __________________ number of buyers and sellers, and that all products be __________________.

• large/identical
• small/same
• large/different
• small/identical

In monopolistic competition, businesses emphasize the __________________ of their product in order to get the __________________ price for it.

• uniqueness/highest
• uniqueness/lowest
• sameness/highest
• sameness/lowest

Businesses often use __________________ competition, such as promotions and aggressively __________________ the product on TV or online, to lure consumers into buying it.

• nonprice/advertise
• price/advertise
• nonprice/sell
• price/ advertise

Oligopolies often __________________ each other’s actions, such as revising __________________ to match that of other giant firms producing the same products.

• copy/products
• share/services
• copy/services
• share/products

Sometimes oligopolists engage in __________________ with others in the same business, and this often leads to __________________, which is illegal.

• collusion/price fixing
• unfair trading practices/price gouging
• markets/surplus
• competition/price differences

Electric utilities are an example of __________________ monopolies because production costs of electricity are __________________ when it is produced and distributed by single company.

• natural/low
• natural/high
• technological/low
• technological/high

A __________________ monopoly is when only __________________ business in a region is selling a product or the product cannot be sold in other ways

• geographic/one
• government/one
• geographic/multiple
• government/multiple

A technological monopoly may arise when one company has a __________________ on a particular production technique or a __________________ on written material that it has an exclusive right to market. 

• patent/copyright
• permission/patent
• copyright/monopoly
• patent/monopoly

A __________________ monopoly involves products or services, such as water provision and treatment, that the __________________ sector cannot adequately supply.

• government/private
• private/government
• technological/natural
• natural/technological

Epipen is a 

• Natural monopoly 
• Geographic monopoly 
• Technological monopoly 
• Government monopoly