Economics Market Structures

Which of these isn't a condition of perfect competition?

• many buyers and sellers

• identical products

• difficult entry and exit from market

A ________ is a product that is considered the same no matter who sells it, ex. corn.

• commodity

• competition

• monopoly

• doodlewhig

A firm experiences ______________ with expenses that must be paid before goods can be produced and sold.

• start-up costs

• back up costs

• opening day costs

• overhead costs

Market where a single seller dominates.

• open market

• monopoly

• oligopoly

• luciopoly

When a firm sees average production cost go down, they are experiencing...

• economies of scale

• introductions of grandeur

• start up costs

• monopoly

The book discusses water service as being a ____________ monopoly; it would be ineffective otherwise.

• natural

• self-evident

• constitutional

• unimportant

We discussed whether _________ should become a public utility.

• internet

• electricity

• sewage

• recycling

A government license to profit from your invention.

• patent

• copyright

• tool

• binky

The thing businesses are aiming for.

• profit

• revenue

• costs

• stars

A market structure where a few large firms dominate.

• monopoly

• oligopoly

• twisted

• fridgeopoly