Unit 3 Test Review: Market Structures (E.16-E.28)

Front

What is the type of competition called when companies compete through marketing strategies like aggressive social media campaigns, without lowering prices?

Back

Non-Price Competition

Front

In monopolistic competition, what happens when a firm begins to charge an excessive price for its product?

Back

Consumers will buy a rival firm’s product instead.

Front

What is the negotiation process between the union and management known as?

Back

collective bargaining

Front

Which of the following is an advantage of partnerships?

Back

They can attract and keep talented employees more easily than some business forms.

Front

Which of the following best describes price discrimination?

Back

the division of consumers into groups based on how much they will pay for a good

Front

What type of merger would it be if Chic Fil A were to merge with a company that raises and processes chickens?

Back

Vertical

Front

How have right-to-work laws affected union membership?

Back

They have decreased union membership.

Front

What is one example of a monopoly that the U.S. government generally permits?

Back

professional sports leagues

Front

What happens to an industry when the government deregulates it?

Back

The industry gains more control over its decisions.

Front

Which of the following describes both the substitution effect and the income effect?

Back

factors that influence what people buy