A natural Monopoly is:

industry where one firm can efficiently supply all demand

Franklin D. Roosevelt Helped the economy during the Great Depression by?

Through the introduction of the Fair Labor Standards Act

Theodore Roosevelt Helped the Business economy by?

Breaking up trusts and enforcing the Sherman Anti-Trust law

A kinked Demand Curve usually shows that?

A form of Tacit collusion is taking place

One issue with Sole Proprietorships and Partnerships is that?

They have unlimited personal liability

Price Competition and Non-Price Competition are?

two types of Competition in a Competitive Market

Oligopolies have many characteristics. What is the main defining feature?

Few Large firms- Two to Four-firm concentration above50%

studbud

Unit 3 Econ Review

22 termsStudBud Administration371 plays

#economics

Flashcards22 cardsFPractice quizPHost liveL

Questions 22

Answers

1
A natural Monopoly is:
a monopoly on agricultural resources
industry where one firm can efficiently supply all demand
any situation where only one seller exists
a government corporation
2
Franklin D. Roosevelt Helped the economy during the Great Depression by?
Through the introduction of the Fair Labor Standards Act
The Signing of the Sherman Anti-Trust Act
The implementation of the Commercial Union Act
Creation of Interstate Commerce Commission
3
Theodore Roosevelt Helped the Business economy by?
Stooping oligopolies through the anti-corrupt Act
Breaking up trusts and enforcing the Sherman Anti-Trust law
Aquiring Puerto RIco during the Spanish American War
Carrying a big stick and forming the Cuba Canal
4
A major similarity between monopoly and oligopoly:
non-price competition
collusion
high barriers to entry
kinked demand curve
5
One major characteristic of monopolistic competition
differentiated products
long run super-normal profit
price fixing is common
homogeneous products
6
Which of the following is an example of oligopoly?
fast food restaurants
Luxotica eyewear
auto companies
Flea Market
7
Which of the following is NOT TRUE regarding oligopoly?
independent decision making
there are only a few firms
determined by measuring market concentration
conflicting incentives
8
Colluding Oligopolists will sometimes create a ____ to control Supply and maximize profits
Cartel
Price War
Competing business
Scapegoat
9
Mr. Krabs has a monopoly on the food industry in Bikini bottom
False
True
10
Free enterprise is a Capitalistic economy that includes features like:
Non-negotiation of costs
Private Property
Government control of the means of production
Public Property
11
A kinked Demand Curve usually shows that?
A form of Tacit collusion is taking place
That a monoply is trying to enter a new economic field
That demand has far out-weighed supply
That a business has supply chain issues
12
One issue with Sole Proprietorships and Partnerships is that?
Cooperations can buy them out under mandatory federal regulations
They have unlimited personal liability
They operate on high borrowing interest rates
They can not take advantages of supply chains
13
The minimum wage set by the U.S. government has NOT kept up with inflation since 1968.
False
True
14
Which of the following IS NOT a barrier to entry?
Price discrimination
Patents
Economies of scale
control of resources
15
What are the two types of collusion?
Implicit and formal
tacit and implicit
there is only one type of collusion
tacit and formal
16
When stores attempt to improve business by competition based on higher levels of attributes/service workmanship/etc.
non price competition
tacit collusion
Price fixing
price leadership
17
Price Competition and Non-Price Competition are?
Factors of a mixed market
ways to compete in a Command economy market structure
Ways to compete in a Financial sports event
two types of Competition in a Competitive Market
18
If Minimum wage kept up with Inflation, the rate should be $19-$24 not $7.25
True
False
19
If I have a good deal of start up Capitol and want a business with goods ready to sell, I would look for a:
Partnership
Franchise
Cooperation
Sole Proprietorship
20
An excellent form of non-price competition is:
Commercials and advertisements
Tarrifs imposed on international businesses
a weekly coupon book from the company
a Price War?
21
Oligopolies have many characteristics. What is the main defining feature?
Few Large firms- Two to Four-firm concentration above50%
Two large firms- above 90% concentration
A Few trusts at 75% concentration
One Large Firm-100% concentration
22
What factor of production would involve resources for the good?
resource
Land
ingredient
Capital

Unit 3 Econ Review Flashcards | StudBud