Econ.

Patents

exclusive right to make, use, or sell an invention for a specified number of years

What are regressive taxes?

A regressive tax is a tax that takes a larger percentage of income from low-income earners than from high-income earners

In monopoly which of the following is true?

Market Situation in which a single supplier makes up an entire industry for a good or service with no close substances, There are no close substitutes for the product being produced.

In monopolistic competition:

Market situation in which a large number of sellers offer similar but slightly different products and each has some control over price.

Monopolistic competition differs from perfect competition primarily because:

Monopolistic competition, firms can differentiate their products

All of the following are ways monopolistically competitive firms differentiate their products EXCEPT?

None of the above are exceptions they are all ways of differentiating products.

When one firm in the breakfast cereal market started an advertising campaign that stressed the nutritional value of its cereals, all other cereal manufacturers started similar advertising campaigns. This suggests that the breakfast cereal market is:

Oligopolistic

A form of industry structure characterized by few firms, each large enough to influence market price is:

Oligopoly

If a few firms dominate an industry the market is known as:

Oligopoly

Monopolistic competition differs from oligopoly because of the _______.

Oligopoly does not have many competitors Differentiation

Which of the following is defined as a market situation in which no single buyer or seller can affect price?

Perfect competition

In monopolistic competition, firms achieve some degree of market power:

Product differentiation

Which of the following is characteristic of a pure monopoly?

Single seller, no substitutes, no entry, almost complete control of market price.

A group of firms that gets together to make a price and output decisions is called:

a cartel

Which of the following is defined as a process by which one corporation buys more than half the stock of another corporation?

merger

Most antitrust legislation restricts the harmful effects of _________.

mergers

In perfect competition:

1. Numerous buyers and sellers 2. Standardized product 3. Freedom to enter and exit markets 4. Independent buyers and sellers 5. Well-informed buyers and sellers

Which of the following is defined as a situation in which numerous buyers and sellers exist for a product?

Large market/ perfect competition

A price- and quantity-fixing agreement is known as:

Collusion

The increase of information available on the World Wide Web has ______.

Economy = more competitive.

What is the difference between perfect competition and monopolistic competition?

In perfect competition, firms produce identical goods, while in monopolistic competition, firms produce slightly different goods.

Which of the following is a board of directors with members who also serve as the board of directors of a competing corporation?

Interlocking Directorate

Assume that firms in an oligopoly are currently colluding to set price and output to maximize total industry profit. If the oligopolies are forced to stop colluding, the price charged by the oligopolies will ________ and the total output will ______.

decrease , increase

For the perfect competitive broccoli products in California, the market demand curve for broccoli is

downward sloping

Because of the number of firms in monopolistic competition

no one firm can dominate the market

Which of the following is an industry dominated by a few suppliers who exercise some control over price?

oligopoly

A cartel is most likely to occur in

oligopoly as firms act together to raise prices and increase profits

A cartel is a collusive agreement among a number of firms that is designed to

restrict output and raise prices.