What are the four basic market structures?

Which market structure has the smallest number of sellers?

Most businesses operate under which market structure?

When a lower price is the main reason a customer chooses to buy a product

When a customer chooses to buy from one business over another for reasons such as location or service

An economic policy that allows businesses to operate with very little interference from the government. Means “let them do as they please.”

The tax and spending decisions made by the president and congress.

Policy that regulates the supply of money and interest rates by a central bank in an economy

________________ carries out monetary policy to reach the following goals:

Maximum employment

Stable prices

Moderate long-term interest rates

How do government agencies pay for public goods and services?

What is an example of a public service?

Attempt to ensure that markets are open and fair.

Prevent monopolies, collusion, and price fixing.

Are enforced by the U.S. Department of Justice and the Federal Trade Commission.

Is something that is not directly connected to an economic activity, but affects people.

Compared with many other nations the US plays a ________ role in the economy.

When two or more businesses work together to remove their competition, set prices, and control distribution.

Occurs when two or businesses in an industry agree to sell the same good or service at a set price which eliminates price competition.

Total money circulating at any one time in a country.

The activities involved in buying and selling goods on a large scale, such as state-wide or nation-wide commerce.

Is a market structure with a small number of businesses selling the same or similar products.

Is characterized by a large number of businesses selling the same product at the same prices.

Is how a market is organized based on the number of businesses competing for sales in an industry.

Which type of market structure do most businesses operate in?

The Constitution of the United States gives Congress the power to regulate commerce and become involved in business and labor matters.

The government operates as both ______ and ______.

Police and fire, education, maintenance of roads, and postal service are all examples of what that the government provides?

All of the following are antitrust laws EXCEPT...

Is a large number of businesses selling similar, but not the same, products and at different prices. This is also known as imperfect competition.