Econ Game

what is a goal of a business?

• to lower standards

• to maximize status

• to maximize a business

• to maximize profit

what is competition?

• striving against others to reach a goal

• to make pancakes and fly away

• to work with others to only lose

• to beat others

There are 6 types of market structure

• true

• false

it is not difficult to start a business within a pure/ perfect market

• true

• false

monopolists competition is...

• short life span, use up all resources and holding up stalks

• never gonna give you up, never gonna let you down, never gonna run around..

• less firms compete, unlimited price control & life time of product

• many firms compete, limited price control & product differentiation.

monopolistic competition is almost the same as pure/perfect competition,

accept...

• similar product

• product differentiation

• smaller product

• out of stock

it is difficult to start a business in an Oligopoly

• false: has low berry entry

• true: even has high berry entry