Unit 3 Economics Review 1st period

______________ cost refers to the value a person could have received but passed up in pursuit of another option.

• Explicit

• Marginal

• Implicit

• Opportunity

What legal protects apply to inventors and creators? Select all that apply. There are two correct answers.

• Patents

• Copyrights

• Mergers

• Price fixing

• Collusion

The obstacles in creating a new firm of business

• Barriers to entry

• Regulation

• Antitrust laws

• Mergers

The two market structures that are most common in the U.S

• monopolistic competition & oligopoly

• oligopoly and monopoly

• perfect competition and oligopoly

A market structure in which only one seller sells a product for which there are no close substitutes

• monopoly

• oligopoly

• trust

• cartel

This market structure is defined as a state of limited competition, in which a market is shared by a small number of producers or sellers.

• monopolistic competition

• oligopoly

• communism

• laissez faire economics

When only one producer is able to operate or it is in the public interest for only one producer to operate (such regional monopolies on cable or electricty)

• Natural monopolies

• oligopolies

• perfect competition

• monopolistic competition

What prevents firms from entering a monopoly?

• Barriers to Entry

• Technology

• Price

• Barriers to Travel

Businesses can "Collude" or work together to set prices

• Oligopoly
• Monopoly
• Perfect Competition

Choose the example that goes best with an oligopoly.

• apples
• cell phone providers
• utilities
• clothing