Download POWERPOINT JEOPARDY

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Question 1 - 10
• Define Natural Monopoly
Answer 1 – 10
• Utilities
Question 1 - 20
• What are illegal agreements on price fixing
called?
Answer 1 – 20
• Colluding
Question 1 - 30
• How do you compete in a monopolistically
competitive market? (The answer is not price)
Answer 1 – 30
• Product differentiation.
Question 1 - 40
• What is the most common example of a
perfectly competitive market?
Answer 1 – 40
• Agriculture.
Question 1 - 50
• List the conditions of perfect competition.
Answer 1 – 50
• Large markets, same products, no barriers to
entry, no profit.
Question 2 - 10
• What is the market structure called when one
person/firm dominates the marketplace?
Answer 2 – 10
• Monopoly
Question 2 - 20
• What is it called when a few firms (about 4)
dominate the marketplace?
Answer 2 – 20
• Oligopoly
Question 2 - 30
• Which market structure has the most
competition?
Answer 2 – 30
• Monopolistically competitive.
Question 2 - 40
• Which market structure has the most control
over price?
Answer 2 – 40
• Monopoly
Question 2 - 50
• What are the characteristics of an Oligopoly?
Answer 2 – 50
• Non-price competition.
• Similar yet different products.
• High barriers to entry.
Question 3 - 10
• Monopolistic competition prides itself on
what?
Answer 3 – 10
• Differentiated products.
Question 3 - 20
• Which market structure has the largest
number of firms trying to sell their product?
Answer 3 – 20
• Perfect competition.
Question 3 - 30
• Government laws to protect against
monopolies are called _____ Laws.
Answer 3 – 30
• Anti-Trust
Question 3 - 40
• What’s the difference between perfect
competition and monopolistic competition?
Answer 3 – 40
• Perfect = Identical
• Monopolistic = Differentiated
Question 3 - 50
• What kind of monopoly is it when a monopoly
exists based on location?
Answer 3 – 50
• Geographic
Question 4 - 10
• Exists when it is more convenient to have 1 or
few producers because they have the
advantage as far as production techniques.
Answer 4 – 10
• Economies of scale.
Question 4 - 20
• Advertising is an example of ___ competition.
Answer 4 – 20
• Non-price
Question 4 - 30
• When consumers continue to buy a product
regardless of price, the demand is said to
be…..
• Elastic or inelastic?
Answer 4 – 30
• Inelastic
Question 4 - 40
• What are the goals of advertising?
Answer 4 – 40
• Increase demand
• Make demand more inelastic.
Question 4 - 50
What does it take for a market to have price
discrimination?
Answer 4 – 50
• Market power, different varieties of
buyers/sellers, resale must be difficult.
Question 5 - 10
• If people buy less chicken because price
increases, demand is said to be
• A) Elastic
• B) Inelastic
Answer 5 – 10
• A
Question 5 - 20
• What is a horizontal agreement?
Answer 5 – 20
• Agreement between multiple firms operating
on the same level.
Question 5 - 30
• What is a vertical agreement?
Answer 5 – 30
• An agreement between firms on various
levels.
Question 5 - 40
• What are examples of non-price competition?
Answer 5 – 40
• Advertising, location, physical characteristics.
Question 5 - 50
• What is the difference between productive
and allocative efficiency?
Answer 5 – 50
• Productive – Efficient. Using resources in the
least costly way.
• Allocative – What society needs and wants.