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ECONOMICS: CHAPTER 7 STUDY GUIDE
DEFINE, IDENTIFY, DESCRIBE THE FOLLOWING:
1. PROFIT MAXIMIZATION2. PUBLIC GOOD3. PRICE ADMINISTRATION4. PRICE LEADERSHIP5. COPYRIGHT6. PATENT7. TECHNOLOGICAL MONOPOLY8. GEOGRAPHICAL MONOPOLY9. NEGATIVE EXTERNALITY10. NATURAL MONOPOLY11. GOVERNMENT MONOPOLY12. GENERAL ADVERTISING13. SPECIFIC ADVERTISINGCHARACTERISITICS OF: (14-17)
14. OLIGOPOLY15. MONOPOLISTIC COMPETITION16. PURE COMPETITION17. MONOPOLY18. SHERMAN ANTI-TRUST ACT19. CLAYTON ACT20. INTERLOCKING DIRECTORATE21. DISCRIMINATORY PRICING22. PRODUCT DIFFERENTIATION23. ECONOMIES OF SCALE24. EFFECTIVE ADVERTISING25. POSITIVE EXTERNALITY26. COLLUSION-
27. LAISSEZ-FAIRE28. JOHN D. ROCKEFELLER29. ANDREW CARNEGIE30. JP MORGAN31. LELAND STANFORD32. CORNELIUS VANDERBILT33. ROBBER BARONS34. TRUCK FARMS35. ADVERTISEMENTS FOCUSING ON PRODUCT DIFFERENCES EMPHASIZE:
36. NON-PRICE COMPETITION37. ECONOMIC EFFECTS OF OLIGOPOLIES38. FTC39. DANGERS OF MONOPOLIES40. 4 TYPES OF MONOPOLIES-
41. MARKET FAILURES-
42. EXTERNALITIES-
43. PUBLIC GOODS44. PUBLIC GOODS AS MARKET FAILURES45. GOVERNMENT INVOLVEMENT IN THE ECONOMY-
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