Match each of the terms on the left with its definition on the right. Click on the term first and then click on the matching definition. As you match them correctly they will move to the bottom of the activity.
Monopolist Monopoly Market power Barrier to entry Natural monopoly Patent Copyright Oligopoly Oligopolist Duopoly Duopolist Collusion Cartel Noncooperative Behavior Public Ownership Price regulation Antitrust policy Tacit collusion Price war Monopolistic Competition Product differentiation Imperfect competition | efforts undertaken by the government to prevent oligopolistic industries from becoming or behaving like monopolies. an oligopoly consisting of only two firms a collapse of prices when tacit collusion breaks down something that prevents other firms from entering an industry. Crucial in protecting the profits of a monopolist. a market structure in which no firm is a monopolist, but producers nonetheless have market power they can use to affect market prices exists when increasing returns to scale provide a large cost advantage to having all output produced by a single firm cooperation among producers to limit production and raise prices so as to raise one another’s profits an industry with only a small number of producers the ability of a firm to raise prices a firm in an industry with only a small number of producers cooperation among producers, without a formal agreement, to limit production and raise prices so as to raise one anothers’ profits gives an inventor a temporary monopoly in the use or sale of an invention actions by firms that ignore the effects of those actions on the profits of other firms an agreement among several producers to obey output restrictions in order to increase their joint profits a firm that is the only producer of a good that has no close substitutes a limitation on the price a monopolist is allowed to charge one of the two firms in a duopoly. a market structure in which there are many competing producers in an industry, each producer sells a differentiated product, and there is free entry and exit into and from the industry in the long run. when goods are supplied by the government or by a firm owned by the government to protect the interests of the consumer in response to natural monopoly. the attempt by a firm to convince buyers that its product is different from the products of other firms in the industry an industry controlled by a monopolist. gives the creator of a literary or artistic work sole rights to profit from that work |
Monopolist, p. 241
Monopoly, p. 241
Market power, p. 242
Barrier to entry, p. 243
Natural monopoly, p. 243
Patent, p. 245
Copyright, p. 245
Oligopoly, p. 253
Oligopolist, p. 253
Imperfect competition, p. 253
Duopoly, p. 254
Duopolist, p. 254
Collusion, p. 254
Cartel, p. 254
Noncooperative behavior, p. 256
Public ownership, p. 260
Price regulation, p. 260
Antitrust policy, p. 261
Tacit collusion, p. 262
Price war, p. 263
Monopolistic competition, p. 264
Product differentiation, p. 265