Economics Chapter 7 Test Flashcards

Numerous buyers and sellers, standardized product, freedom to enter and exit markets, independent buyers and sellers, and well-informed buyers and sellers.

A product that consumers see as identical regardless of producer.

<p>A business that accepts the market price determined by supply and demand.</p> Signup and view all the answers

<p>Occurs in markets that have few sellers or products that are not standardized.</p> Signup and view all the answers

<p>Occurs when there is only one seller of a product that has no close substitutes.</p> Signup and view all the answers

<p>A group that acts together to set prices and limit output.</p> Signup and view all the answers

<p>A firm that does not have to consider competitors when setting the prices of its products.</p> Signup and view all the answers

<p>Something that makes it hard for a new business to enter a market.</p> Signup and view all the answers

<p>Only one seller, control of prices, restricted and regulated market.</p> Signup and view all the answers

<p>A market situation in which the costs of production are lowest with only one producer.</p> Signup and view all the answers

<p>A monopoly that exists when the government either owns and runs the business or authorizes only one producer.</p> Signup and view all the answers

<p>A monopoly that occurs when a firm controls a manufacturing method, invention, or type of technology.</p> Signup and view all the answers

<p>A monopoly that exists when there are no other producers within a certain region.</p> Signup and view all the answers

<p>A situation that occurs when the average cost of production falls as the producer grows larger.</p> Signup and view all the answers

<p>A legal registration of an invention or a process that gives the inventor the exclusive property rights to that invention or process for a certain number of years.</p> Signup and view all the answers

<p>Occurs when many sellers offer similar, but not standardized, products.</p> Signup and view all the answers

<p>The effort to distinguish a product from similar products.</p> Signup and view all the answers

<p>Occurs when producers use factors other than low price to try to convince customers to buy their products.</p> Signup and view all the answers

<p>A moderated discussion with small groups of consumers.</p> Signup and view all the answers

<p>A market structure in which only a few sellers offer a similar product.</p> Signup and view all the answers

<p>A company's percent of total sales in a market.</p> Signup and view all the answers

<p>The expenses that a new business faces when it enters a market.</p> Signup and view all the answers

<p>Few sellers and many buyers, standardized or differentiated products, more control of prices, and little freedom to enter or exit the market.</p> Signup and view all the answers

<p>A set of rules or laws designed to control business behavior.</p> Signup and view all the answers

<p>Defines monopolies and gives government the power to control them.</p> Signup and view all the answers

<p>A group of firms combined in order to reduce competition in an industry.</p> Signup and view all the answers

<p>The joining of two firms to form a single firm.</p> Signup and view all the answers

<p>Occurs when businesses agree to set prices for competing products.</p> Signup and view all the answers

<p>Occurs when competing businesses divide a market among themselves.</p> Signup and view all the answers

<p>Occurs when businesses set prices below cost for a time to drive competitors out of a market.</p> Signup and view all the answers

<p>Requires a firm to stop an unfair business practice.</p> Signup and view all the answers

<p>A policy that requires businesses to reveal product information.</p> Signup and view all the answers

<p>Reduces or removes government control of business.</p> Signup and view all the answers

<p>Protects consumers from unsafe food, drugs, or cosmetics; requires truth in labeling of these products.</p> Signup and view all the answers

<p>Enforces antitrust laws and monitors unfair business practices, including deceptive advertising.</p> Signup and view all the answers

<p>Regulates the market for stocks and bonds to protect investors.</p> Signup and view all the answers

<p>Protects human health by enforcing environmental laws regarding pollution and hazardous materials.</p> Signup and view all the answers

<p>Sets standards for thousands of types of consumer products; issues recalls for unsafe products.</p> Signup and view all the answers