Econ ch 7 review

Goods with the same value regardless of producer (corn/wheat)

Kills natural monopolies

A single producer in complete control of prices

Why does the government attempt to regulate markets?

Government issued right to operate/sell goods

Exclusive right to sell/create a product for a period of time (lightbulb/slipnslide)

Cost of equipment to join a market is?

most common in our market (fast food/shoes)

Doctor

Multiple producers in almost complete control of the market (oil companies/car companies)

Auto-repair shop

Which two market structures does the government try to avoid?

water-oil-lumber

Exclusive rights to a single good within a market (sports)

Many buyers and sellers-Free entry/exit into the market- identical Products

landscaping technician