Global Economics Review

What is a Monopoly?

• A market structure where only a few suppliers dominate the industry

• A single supplier makes up an entire industry for a good or service with no close substitutes

• A market structure where many sellers offer similar but slightly different products

• A government-imposed restriction on the production of a good or service

What is an Oligopoly?

• A market structure where there is only one buyer and many sellers

• A market structure where many sellers offer similar but slightly different products

• Industry dominated by a few suppliers who exercise some control over price

• A market structure where a single supplier provides a unique product or service

What is Monopolistic Competition?

• A market structure where a single supplier dominates the market

• Industry dominated by a few suppliers who set the prices together

• A large number of sellers offer similar but slightly different products and each has some control over price.

• A market structure where there are many buyers but only one seller

What is Perfect Competition?

• A market structure where sellers are price setters and have significant control over the market

• A market structure where there is only one buyer and many sellers

• Easy access, entry and exit, with sellers not able to set prices

• A market structure where a few large firms have a majority of the market share

What is collusion?

• A legal agreement between competitors to share technologies

• A government strategy to regulate market prices

• Deliberate attempt by producers to set the price of products

• A type of competitive strategy that involves price wars

What is non-price competition?

• Competing on the basis of product quality only

• Competing against others with something other than price, like advertising

• A strategy where companies compete solely on the price of their products

• A government policy to encourage competition without affecting prices

What is collective bargaining?

• A process where the government sets employment standards

• When unions and employers get together, compromise and work out a contract agreement

• A strategy used by businesses to set collective prices for their products

• The act of multiple companies merging to form a single entity

What is the Wagner Act?

• Law that prohibits unions from organizing and bargaining collectively

• Law that gave unions the rights to organize and bargain collectively

• Legislation that allows companies to avoid unionization

• A government act that deregulates the labor market

What is Corporate Welfare?

• A policy where corporations provide welfare benefits to their employees

• The government giving money to many wealthy corporations, in order to create jobs

• A system where corporations donate to social welfare programs

• A tax imposed on corporations to fund public welfare services

What does it mean to be outsourcing (offshoring) something?

• Hiring more local employees

• Sending jobs to other countries

• Decreasing production costs without moving jobs

• Increasing the number of domestic factories