Unit Two Lesson Seven Economics

A spillover or side effect of production or consumption

• Monopoly

• Oligopoly

• Externality

• Market effect

A situation in which the market fails to allocate resources efficiently

• Market failure

• Perfect Competition

• Market structure

• Capital failure

The organization of a market, based mainly on the degree of competition

• Market failure

• Land resource

• Market structure

• Oligopoly

A market structure in which many producers supply similar but varied products

• Price floor

• Market competition

• Market controls

• Monopolistic Competition

A market structure in which a single producer supplies a unique product that has no close substitutes

• Monopoly

• Perfect Competition

• Oligopoly

• Price controls

A market structure in which a few firms dominate the market and produce similar or identical goods

• Oligopoly

• Revenue

• Monopoly

• Rationality

A market structure in which many producers supply an identical product and no single producer can influence its price

• Monopolistic competition

• Market competition

• Blue Market

• Perfect Competition

Goods and services that are used collectively and that no one can be excluded from using

• Private goods

• Public goods

• Externalities

• Market goods

The most competitive market structure is

• perfect competition.

• Oligopoly

• monopolistic competition

• Monopoly

Which is not one of the four main characteristics of market structure?

• number of producers

• similarity of products

• Ease of entry

• Brand loyalty