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Micro 6.4 CW-The Effects of Government Intervention (Fill in the Blank)

Last updated 9 months ago

9 questions

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Question 1

1.

______________________________ is a market structure with many fully informed buyers and sellers of an identical product and ease of entry. (2 words)

Question 2

2.

A naturally occurring product that is standardized across sellers and sold on the open market, typically as a resource, is a(n) ______________________________. (1 word)

Question 3

3.

A(n) ______________________________ is the sole supplier of a product with no close substitutes. (1 word)

Question 4

4.

______________________________, such as price-setting, is the ability of a firm to raise its price without losing all sales to rivals. (2 words)

Question 5

5.

A monopolized market has high ______________________________, such as patents, that make it difficult for new firms to come into the industry. (3 words)

Question 6

6.

______________________________ is a market structure with low entry barriers and many firms selling products differentiated enough that each firm’s demand curve slopes downward. (2 words)

Question 7

7.

The ______________________________ is the lowest rate of output at which a firm takes full advantage of economies of scale. (3 words)

Question 8

8.

______________________________ activity attempts to prohibit efforts to monopolize markets in which competition is desirable. (1 word)

Question 9

9.

______________________________ reduces or eliminates government regulations. (1 word)