Economics quiz ch. 9 Flashcards
0
Q
What are the five key differences that distinguish industries?
A
- Number of Firms in the Industry
- Differences in the Product Sold
- Availability of Market Information
- Control of Price
- Ease in Entrering and Exiting the Industry
1
Q
What are the four types of competition?
A
- Perfect competition
- Imperfect competition
- Oligopoly
- Monopoly
2
Q
Any unusual obstacle that would prevent a new firm from entering the industry and competing on a equal basis with established firms
A
Barrier to entry
3
Q
When government allows a firm exclusive right to provide a good or service
A
Legal monopoly
4
Q
What is the most prevalent form of competition?
A
Imperfect competition
