Market Economy and Labor Unions Review

In which level of competition would there be many buyers and sellers, identical products, and firms that are price takers?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

In which level of competition would there be many producers and consumers with heterogeneous products, and firms that are price setters?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

In which level of competition would there be few producers with limited competition and high prices, and firms that compete on terms rather than price?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

In which level of competition would there be one producer with no competition because entry into the market is restricted?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

Can be government-run, such as public utilities

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

TV/Internet companies, cell phone providers, health insurance companies

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

Fast food restaurants, clothing stores, sporting goods stores

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

Food carts, farmers' markets, Ebay, Letgo

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

This federal organization ensures that monopolies do not form and that companies can compete fairly

• Federal Communications Commission

• Securities and Exchange Commission

• Consumer Product Safety Commission

• Federal Trade Commission

All of the following are tactics used by labor unions to achieve the goals EXCEPT

• Collective bargaining.

• Striking.

• Lockouts.

• Slowdowns.