Mr. Stickler's Liberty Christian ECON. Ch. 7 Vocab. Quiz 2016
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Market Structure | show 🗑
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| "Laissez-faire" | show 🗑
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| show | "Market structure with many well-informed and independent buyers and sellers who exchange identical products." (Pg. 170)
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| show | "Market structure that does not meet all conditions for perfect competition." (Pg. 172)
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| show | "Market structure that meets all conditions of perfect competition except identical products." (Pg. 173)
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| show | "Real or imagined differences between competing products in the same industry." (Pg. 173)
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| Nonprice Competition | show 🗑
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| show | "Market structure in which a few large sellers dominate the industry." (Pg. 174)
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| Collusion | show 🗑
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| show | "Market structure with a single seller of a particular product." (Pg. 175)
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| show | "Market structure where average costs of production are lowest when a single firm exists." (Pg. 176)
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| show | "Situation in which the average cost of production falls as a firm gets larger." (Pg. 176)
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| Geographic Monopoly | show 🗑
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| Technological Monopoly | show 🗑
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| show | "A monopoly owned & operated by the government." (Pg. 177)
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| show | "Condition that causes a competitive market to fail." (Pg. 180)
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| Public Goods | show 🗑
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| Price Discrimination | show 🗑
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| Cease and Desist Order | show 🗑
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