2.4 Flashcard Quiz 71-80

The reduction or elimination of government power in an industry.

• Deregulation

• Monopolistic competition

• Government involvement

• Market failures

These occur when the private market is unable to produce goods and services with a marginal benefit that is equal to or greater than the marginal cost to society.

• Perfect competition

• Externalities

• Market Failures

• Monopoly

How difficult it is to get into a market.

• Pure competition

• Barrier to entry

• Government involvement

• Oligopoly

Market structure dominated by a single business.

• Oligopoly

• Monopolistic competition

• Natural monopoly

• Monopoly

Market structure where there are many buyers and sellers selling similar products but different brands.

• Monopoly

• Natural monopolies

• Monopolistic competition

• Deregulation

Market structure where there are many buyers and sellers selling identical products.

• Government involvement

• Pure (perfect) competition

• Monopoly

• Barrier to entry

Market structure where a few businesses dominate the market.

• Oligopoly

• Natural monopolies

• Externalities

• Market failures

When the market runs more efficiently by having one business control the market.

• Natural monopolies

• Perfect competition

• Deregulation

• Barrier to entry

Government “helps” in the economy by doing these things: public goods and services, redistribute income, protect property rights, resolve market failures.

• Government involvement

• Barrier to entry

• Market failures

• Deregulation

A type of market failure that occurs when a third party is hurt (or benefits) from the use of the good.

• Barrier to entry

• Deregulation

• Perfect competition

• Externalities