Unit 4 Vocabulary AP Microeconomics: Modules 57, 61-68

Fill in the blank: A _______ is a firm that is the only producer of a good that has no close substitutes.

• Monopolist

• Oligopolist

• Competitor

• Cartelist

Fill in the blank: _______ protects a monopolist by preventing other firms from entering the industry.

• Barrier to entry

• Price discrimination

• Economies of scale

• Product differentiation

Fill in the blank: A _______ is a firm that is the only producer of a good that has no close substitutes.

• Natural monopoly

• Perfect competition

• Oligopoly

• Monopolistic competition

Fill in the blank: An _______ is a firm that is the only producer of a good that has no close substitutes.

• Oligopoly

• Monopoly

• Duopoly

• Cartel

Fill in the blank: _______ is a market structure in which there are many competing firms in an industry, each firm sells a differentiated product, and there is free entry into and exit from the industry in the long run.

• Monopolistic competition

• Perfect competition

• Oligopoly

• Monopoly

Fill in the blank: _______ is a market structure in which there are many competing firms in an industry, each firm sells a differentiated product, and there is free entry into and exit from the industry in the long run.

• Price regulation

• Monopolistic competition

• Perfect competition

• Oligopoly

Fill in the blank: _______ is when a monopolist charges each consumer his or her willingness to pay —the maximum that the consumer is willing to pay.

• Perfect price discrimination

• First-degree price discrimination

• Monopolistic pricing

• Uniform pricing

Fill in the blank: _______ is when a monopolist charges each consumer his or her willingness to pay —the maximum that the consumer is willing to pay.

• Interdependent

• First-degree price discrimination

• Second-degree price discrimination

• Third-degree price discrimination

Fill in the blank: _______ is when sellers cooperate to raise their joint profits.

• Collusion

• Competition

• Monopoly

• Deregulation

Fill in the blank: A _______ is an oligopoly consisting of only two firms.

• Duopoly

• Monopoly

• Triopoly

• Oligopoly