Economics Chapters 7 - 11

Exists when many sellers offer similar, but not standardized products

• Monopoly
• Oligopoly
• Monopolistic Competition
• Perfect Competition

Which market structure involves selling identical products?

• Perfect Competition
• Monopolistic Competition
• Oligopoly
• Monopoly

In the 1990s, AT&T controlled 80% of the phone industry and was the ONLY provider of long distance phone service. This is an example of

• A monopoly
• Monopolistic Competition
• Perfect Competition
• Oligopoly

This market structure has 3-4 firms who dominate 70-80% of the industry. 

• Monopoly
• Monopolistic Competitio
• Perfect Competitio
• Oligopoly 

List the four market structures in order from least competitive to most competitive.

• Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition
• Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition
• Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
• Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly

Which of the following describes the minimum wage?

• state law making it illegal to force workers to join a union

• lowest wage that can be paid by law to most workers

• highest wage that can be paid by law to most workers

• What each company decides to pay it's workers

A _____ is a state law making it illegal to force workers to join a union.

• work law

• right-to-work law

• arbitration

• government policy

Labor arrangement under which workers must join a union before they are hired.

• closed shop
• company union
• open shop
• craft union

Workers refusal to work until demands are met.

• boycott

• strike

• mediation

• inflation

The process by which unions and management negotiate the provisions of a new contract, including benefits and pay is referred to by what term?

• Union Organizer
• Arbitration
• Collective Bargaining 
• Collective Agreement