economics chapter 7 market structures
purpose of public disclosure
businesses are required to reveal information to the public
five major conditions that characterize perfectly competitive markets
buys and sellers have the ability to enter, leave, or conduct business buyers and sellers deal with identical products buyers and sellers are well informed buyers and sellers act independently large number of consumers
a decrease in competition within an industry can result in
c. a firm wielding economic and political power
perfect competition is characterized by all of the following except
c. sellers acting together to set prices
a monopoly that is based on the ownership or control of a manufacturing method, process, or other scientific advance is a
d. technological monopoly
characteristics make us economy a mixed free enterprise system
different makers structures business organizations and gov regulations
example of how local and state government allows and regulates a monopoly
federal reserve system has power to regulate money supply bank operations and bank mergers
mergers and acquisitions might result in
inadequate competition
indirectly, the government has improved the quality of information available to consumers through
it's support for the internet
when a major car company lowers it's prices, other car makers will probably
lower their prices
what was the antitrust legislation of the late 1800s trying to restrict
monopolies combinations trusts
four different types of monopolies
natural monopoly geographic monopoly technological monopoly government monopoly
market structure
nature and degree of competition among firms operating in the same industry
under perfect competition
no seller sells a product above the prevailing market price
the Clayton Antitrust Act
outlawed price discrimination
what was the purpose of the clayton antitrust act of 1914
outlawed price discrimination
four different types of market structure
perfect competition monopolistic competition monopoly oligopoly
advantage to the public of truth in advertising laws
prevent sellers from making false claims against their products
the government is involved in the US economy for all of the following reasons except to
promote the development of market externalities
what is the role of government under adam smith's laissez-faire philosophy?
protect private property enforce contracts protect firms from competition from foreign goods settle disputes
actions led to a modification of free enterprise
public utilities new food and drug law protected people from false claims
what info regarding business and government is available on the internet
statistical abstract of the us annual budget of us gov
outlawed restraints and monopolies that hindered trade
the Sherman Antitrust Act
purpose of sherman antitrust act
to protect trade and commerce against unlawful restrain and monopoly
under what conditions are monopolies acceptable
to set the same level of price and service that could exist under competition