In each blank, try to type in the
word that is missing. If you've
typed in the correct word, the
blank will turn green.
If your not sure what answer should be entered, press the space bar and the next missing letter will be displayed. When you are all done, you should look back over all your answers and review the ones in red. These ones in red are the ones which you needed help on. Question: Perfect Answer: A large number of firms all produce the same product and no seller controls supply or prices Question: CommodityAnswer: A product such as milk, that is considered the same no who produces or sells it Question: to entryAnswer: Any factor that makes it difficult for a new firm to a market Question: competitionAnswer: A market structure that fails to meet the of perfect competition Question: Two common barriers that occur to stop a new business from a market.Answer: Start-up and technology Question: -up costsAnswer: Expenses that a new must pay before it can begin to produce and sell goods Question: Answer: A single seller a market Question: Economics of Answer: Factors that cause a producer's average cost per unit to fall as rises Question: Natural Answer: Market that rums most efficiently when one large firm supplies all of the Question: monopolyAnswer: Created by a Question: PatentAnswer: License that gives the inventor of a new product that exclusive right to sell it for a period of time Question: Answer: Contract that gives a single form the to sell its goods within a exclusive market Question: LicenseAnswer: a government right to operate a business Question: Price Answer: Division of into groups based on how much they will pay for a good Question: Market Answer: Ability of a to control prices and total market output Question: Examples of discriminationAnswer: Discounted airline fares, rebate offers, senior citizen or student discounts, children fly free or stay free promotions Question: competitionAnswer: Market structure in which many companies sell products that are similar but not Question: Monopolistic competition Answer: Many , few artificial barriers to entry, little control over price, differentiated products Question: DifferentiationAnswer: a product different from other, similar products Question: competitionAnswer: A way to attract customers through style, service, or location, but not at a lower Question: Answer: A market dominated by a few large, firms Question: warAnswer: Series of competitive cuts that lowers the market price below the cost of production Question: CollusionAnswer: Illegal agreement among firms to divide the , set price, or limit production Question: Price Answer: Agreement among firms to charge one price for the same Question: Answer: organization of producers that agree to coordinate prices and production Question: Predatory Answer: Selling a product below cost for a short period of time to drive competitors out of the Question: Antitrust Answer: Laws that encourage competition in the marketplace-government watches to make sure one business isn't driving another out of the Question: TrustAnswer: Illegal grouping of companies that competition Question: Answer: When two or more companies join to form a firm Question: Answer: Removal of some government controls over a |
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