Front

If a single firm raises its price it will not be able to sell any of its output.

Back

Perfect Competition

Front

The actions of an individual seller do not affect the overall supply or price of a good or service.

Back

Perfect Competition

Front

In this market, the producer is the least responsive to buyers' needs and wants.

Back

Pure Monopoly

Front

Firms in this kind of market produce goods that are very close substitutes.

Back

Monopolistic Competition

Front

In this market, a good is protected from competition by a patent.

Back

Pure Monopoly

Front

An action by one seller in this market will always affect all the others.

Back

Oligopoly

Front

Public utilities are an example of what type of market structure?

Back

Pure Monopoly

Front

A monopoly based on the absence of other sellers in a certain location is called

Back

a geographic monopoly

Front

Which of the following would be most likely be subject to government monopoly regulations?
computer software company,
large oil company,
local restaurant,
local cable company

Back

local cable company

Front

When firms agree to charge the same or similar prices for a product, this is known as

Back

price-fixing