Eco Chapter 7

The economic contest among buyers and sellers is ______.

• farming

• competition

• pure monopoly

• patent

The closest example of a pure competitive market occurs in the area of ______.

• farming

• competition

• pure monopoly

• patent

The opposite of pure competition is a(n) ______.

• farming

• competition

• pure monopoly

• patent

A(n) ______ guarantees the right of an inventor to produce or sell an invention.

• competition

• farming

• pure monopoly

• patent

A few large companies control the market in a(n) _______.

• patent

• oligopoly

• differentiate

• era of big business

One way companies try to attract buyers is to ______ between their product and their competitors'.

• farming

• patent

• oligopoly

• differentiate

The late 1800s is sometimes called the _______.

• patent

• farming

• oligolpoly

• era of big business

One part of pure competition is a ______.

• difficult entry into the market

• level playing field

• standardized product

• unique product

The condition of having no competition is called a(n) _____.

• monarchy

• oligarchy

• monopoly

• oligopoly

One way to maintain a monopoly is by keeping out _____.

• highly paid employees

• new producers

• nonunion workers

• profits