The Good That Competion Does
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| This is a group of firms that produce similar products or provide similar services. | show 🗑
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| This is a market in which there are many sellers and buyers and all firms produce a standardized product and the firms have free access to the market and all relevant information is available to all sellers and buyers. This is 1/4 types of market models | show 🗑
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| This is a firm that has no real control over the price it receives for its products | show 🗑
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| This is the situation that arises when a single firm is the only supplier of a good for which there is no substitute and the entry into the market for this item is blocked. This is the second out of four types of market models | show 🗑
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| This is a type of monopoly that is protected by the government to encourage production. Examples of this is patents, trademarks, and copyrights | show 🗑
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| show | Natural monopoly
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| This is a type of market in which there are a large number of firms that provide differentiated products and has free access to the market. This is the type of market we are accustomed to in America. This is the third out of four types of market models. | show 🗑
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| show | Oligopoly
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| This is a situation in which firms secretly agree on how much to produce, where to sell, and what prices to charge. This often occurs in oligopolistic market. | show 🗑
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| This is a type of law that focuses on governmental regulation and prohibit certain monopolistic practices | show 🗑
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| show | Sherman Act
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| This is a collusion of business which join together to restrict or eliminate competition | show 🗑
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| This Antitrust law was passed in 1914 to make certain businesses practices that were not specifically mentioned in previous laws illegal. | show 🗑
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| show | Tying agreement
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| This is the illegal practice of charging different consumers different prices for the same product | show 🗑
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| show | Federal Trade Commission
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To hide a column, click on the column name.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
Leslie Spark
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