Governments Role in the Different Market Structures

Question 1

Usually has no government intervention

Answer 1

Perfect Competition

Question 2

these are chiefly put into place for preventive measures to dissuade wrongful acts

Answer 2

policies

Question 3

the consumer act of the philippines

Answer 3

monopollistic competition

Question 4

what does CPG stand for

Answer 4

Consumer protection group

Question 5

what does DTI stand for

Answer 5

Department trade of industry

Question 6

governing body of the different sectors of the advertising industry

Answer 6

Advertising Board of the Philippines or Adboard

Question 7

is a situation where competitors conspire to manipulate prices often to achieve higher profits

Answer 7

collusion

Question 8

where is collusion under

Answer 8

oligopoly

Question 9

what are the different forms of collusion

Answer 9

price fixing
monopsony
formal collusion
covert collusion
tacit collusion

Question 10

this collusion is where rival firms agree to set prices higher for a similar product or when a firm works with its retailers to raise prices

Answer 10

price fixing

Question 11

this collusion is where retailers collude to reduce the amount due to suppliers

Answer 11

monopsony

Question 12

this collusion is where rival firms have a formal agreement to adhere to high pricing

Answer 12

formal collusion

Question 13

this collusion is where firms try to evade detection or hide any evidence of price fixing

Answer 13

covert collusion

Question 14

this collusion is where implicit agreements among competitors

Answer 14

tacit collusion

Question 15

refers to an organized group formed to influence the price of a good

Answer 15

cartel

Question 16

firms follow the pricing of the firm with the largest market share

Answer 16

price leadership

Question 17

firm tries to gain market share by cutting back prices and rival firms retaliate by reducing prices even more

Answer 17

price war

Question 18

price situation where two competing firms would stand to gain market share by cutting prices

Answer 18

bertrand competition

Question 19

these are common actions taken by the government to regulate monopolies

Answer 19

price control and nonprice control strategies

Question 20

the maximum price for a good or service that sellers are compelled to adopt

Answer 20

price ceiling aka price cap

Question 21

price control strategy that may be used by the government to achieve allocative and productive inefficiencies in a monopoly

Answer 21

government subsidy

Question 22

situation in which pricing is influenced by the type of consumer

Answer 22

price discrimination

Question 23

refers to splitting one product into two or more separate components

Answer 23

product unbundling

Question 24

means taking over a private institution and publicly operating it

Answer 24

nationalization

Question 25

is an example state-owned monopoly in a long-distance rail travel in Luzon

Answer 25

The philippine national railways (PNR)

Question 26

aims to protect consumers by upholding market competition, promoting free trade, and supporting fair competition

Answer 26

philippine competition act or republic act 10667