Chapter 7 Study guide (Market structures)



Chapter 7 Study guide (Market structures)

Littlejohn

Chapter 7, section 1

1. What are the four types of market structures?

2. What are the five characteristics of perfect competition?

3. What would be the best example of perfect competition in the real world?

4. Define imperfect competition.

5. How is monopolistic competition different from perfect competition?

6. Give an example of an industry that has monopolistic competition.

7. What does product differentiation mean?

8. What is nonprice competition?

9. What is an oligopoly?

10. Give an example of an industry that would have an oligopoly.

11. What does the book mean when it states that oligopolies have interdependent behavior?

12. Define collusion and price-fixing.

13. What is a monopoly?

14. What would be a close example of a monopoly in the real world?

15. Describe a natural monopoly, geographic monopoly, technological monopoly and a governmental monopoly.

Chapter 7, section 3

16. What is a trust?

17. How do trusts create market failures?

18. Explain what the following laws did : Sherman Antitrust Act, the Clayton Antitrust Act and the Federal Trade Commission Act.

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