Econ Quiz #4

When a company directly owns or controls its supply chain

• Union

• natural monopolies

• Vertical integration

• ollusion

It encourages people to act a certain way without actually changing the choices that are available to them

• oligopolistic market structure

• human capital theory

• monopolistic competition

• monopsony

Markets that have high barriers to entry and are controlled by a few large companies

• monopolistically competitive markets

• oligopolistic market structure

The idea that people strongly want to avoid losing

• sunk cost

• market failure

• loss aversion

• variable cost

A college degree is an example of this

• collusion

• monopsony

• signaling

• oligopolistic

The idea that going to college actually teaches you skills that will help you get a higher income job. _____ _______ theory.

A market with many producers and relatively low barriers

• monopolistically competitive markets

• oligopolistic market structure

When there is only one company hiring and workers are relatively immobile

• collusion

• price discrimination

• monopsony

• union

A secret agreement or cooperation especially for illegal purposes

• collusion

• monopsony

• union

• framing effect

A practice of charging different consumers different prices for exactly the same product

• permit markers

• monopsony

• price discrimination

• market failure