Front

An economic model of competition among businesses in the same industry is called...

Back

Market Structure

Front

Each below is an example of an Oligopoly except... Few Sellers, Many Buyers, More control of Prices

Back

Lots of freedom to enter or exit the market

Front

Which statement below is NOT true about monopolies: All monopolies are harmful, Businesses in monopolies are 'Price Makers', Only one seller sells a product with no close substitutes, The least competitive market structure is a monopoly?

Back

All monopolies are harmful

Front

The ideal model of a market economy is known as...

Back

Perfect Competition

Front

A business that cannot set the prices for its products but accepts the market price that is set by Supply and Demand

Back

Price Taker

Front

The means of gaining business by using factors other than price

Back

Nonprice Competition

Front

A producer's demand for labor is called...

Back

Derived Demand

Front

The most important laws that promote competition are collectively called...

Back

Anti-Trust Legislation

Front

A business organization owned and controlled by one person

Back

Sole Proprietorship

Front

When businesses set prices below cost for a time to drive competitors out of a market

Back

Predatory Pricing