Econ - Unit 4 Review - Markets, Labor, and Businesses

Highest level of competition - Prices completely determined by supply and demand (Price Takers)

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

No competition - One business sells the product - Price Maker

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

Only a few sellers dominate the market - Sell similar products - Strong barriers to entry

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

Differentiated yet similar products - Very high level of competition - Many firms competing

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

Increased property values after a new shopping mall opens is an example of a...

• Positive Externality

• Negative Externality

• Public Good

• Free Rider

Increased traffic or noise pollution after a new shopping mall opens is an example of a...

• Positive Externality

• Negative Externality

• Public Good

• Free Rider

Goods paid for by the government from tax dollars that benefit everyone.

• Positive Externality

• Negative Externality

• Public Goods

• Free Rider

Market failures indicate that the market is...

• Inefficient

• Efficient

• Unionized

• Outsources

Two or more owners share profits and liabilities.

• Partnership

• Corporation

• Sole Proprietorship

• Cooperative

Limited liability for owners, but there is a high degree of government regulation and oversight

• Partnership

• Corporation

• Sole Proprietorship

• Cooperative