Economics Chapter on Market Structures
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Questions and Answers

What is the condition of market equilibrium?

  • Quantity supplied is greater than quantity demanded.
  • Quantity supplied equals quantity demanded. (correct)
  • Price levels are at their maximum.
  • Quantity demanded is greater than quantity supplied.

    • Which of the following is characteristic of perfect competition?

  • There are many buyers and sellers with identical products. (correct)
  • A single seller controls the market.
  • Products offered by sellers are differentiated.
  • High barriers to entry for new firms.

    • In a monopoly market structure, which characteristic is true?

  • There are many sellers competing against each other.
  • There is free entry and exit for all firms.
  • There is only one seller with no close substitutes. (correct)
  • Products have many close substitutes.

    • What is a price ceiling?

    <p>A maximum price imposed by the government. (B)</p> Signup and view all the answers

    Which of the following markets is an example of oligopoly?

    <p>Cement companies and major telecommunications providers. (D)</p> Signup and view all the answers

    What is the primary purpose of a government subsidy?

    <p>To encourage production of a good or service. (C)</p> Signup and view all the answers

    What does collusion refer to in a market context?

    <p>Businesses secretly agreeing to limit competition. (A)</p> Signup and view all the answers

    Which of the following describes monopolistic competition?

    <p>Many sellers offer similar but differentiated products. (A)</p> Signup and view all the answers

    Ano ang maaaring mangyari sa isang pamilihan kung ang demand ay mas mataas kaysa sa supply?

    <p>Magkakaroon ng shortage (C)</p> Signup and view all the answers

    Alin sa mga sumusunod ang hindi isang halimbawa ng monopolyo?

    <p>Cement companies (B)</p> Signup and view all the answers

    Ano ang pangunahing epekto ng price ceiling sa isang pamilihan?

    <p>Pagbabawas ng supply (B)</p> Signup and view all the answers

    Saan nagmumula ang monopolistic competition sa pamilihan?

    <p>Dahil sa pagkakaiba-iba ng mga produkto (A)</p> Signup and view all the answers

    Ano ang layunin ng isang subsidy sa mga producer?

    <p>Pag-ibayuhin ang produksyon (B)</p> Signup and view all the answers

    Aling kondisyon ang hindi naglalarawan ng perfect competition?

    <p>Mataas na entry barriers (A)</p> Signup and view all the answers

    Ano ang sanhi ng hoarding sa pamilihan?

    <p>Mataas na presyo sa hinaharap (B)</p> Signup and view all the answers

    Ano ang layunin ng patent sa isang produkto?

    <p>Proteksyunan ang karapatan ng imbentor (A)</p> Signup and view all the answers

    Paano nagiging dahilan ang collusion sa pamilihan?

    <p>Pagpapataw ng mataas na presyo (B)</p> Signup and view all the answers

    Anong pangunahing epekto ng shortage sa pamilihan?

    <p>Mataas na presyo ng produkto (C)</p> Signup and view all the answers

    Flashcards

    Surplus

    When supply exceeds demand; quantity supplied is greater than quantity demanded.

    Shortage

    When demand exceeds supply; quantity demanded is greater than quantity supplied.

    Monopoly

    A market with one seller, no close substitutes, and barriers to entry.

    Perfect Competition

    A market structure with many buyers and sellers, identical products, free entry and exit.

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    Market Equilibrium

    A state where the quantity supplied equals the quantity demanded (Qs = Qd).

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    Oligopoly

    A market with a few sellers who have some control over the market price, due to high barriers to entry.

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    Price Ceiling

    A government-imposed maximum price for a good or service.

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    Subsidy

    A government payment to producers to encourage production.

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    Ano ang ekwilibriyo ng pamilihan?

    Ito ang estado kung saan ang dami ng suplay ay pantay sa dami ng demand. (Qs=Qd)

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    Ano ang sobrang suplay?

    Ang sobrang suplay ay nangyayari kapag mas malaki ang suplay kaysa sa demand. (Qs > Qd)

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    Ano ang kulang na suplay?

    Ang kulang na suplay ay nangyayari kapag mas malaki ang demand kaysa sa suplay. (Qd > Qs)

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    Ano ang perpektong kompetisyon?

    Ito ay isang istruktura ng pamilihan kung saan maraming mamimili at nagtitinda, pare-pareho ang mga produkto, at malaya ang pagpasok at paglabas.

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    Ano ang monopolyo?

    Ito ay isang istruktura ng pamilihan kung saan may isang nagtitinda lamang, walang malapit na kapalit, at may mga hadlang sa pagpasok.

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    Ano ang oligopolyo?

    Ito ay isang istruktura ng pamilihan kung saan may iilang nagtitinda na may kontrol sa presyo ng pamilihan, kadalasan dahil sa mataas na hadlang sa pagpasok.

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    Ano ang monopolisticong kompetisyon?

    Maraming nagtitinda ang nag-aalok ng magkatulad ngunit hindi magkaparehong mga produkto (pagkakaiba).

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    Ano ang presyong kisame?

    Ito ay isang pangharang na presyo na itinakda ng pamahalaan para sa isang produkto o serbisyo.

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    Ano ang subsidyo?

    Ito ay isang bayad mula sa pamahalaan sa mga prodyuser upang hikayatin ang produksyon ng isang produkto o serbisyo.

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    Ano ang Republic Act 7581?

    Isang batas na may kinalaman sa proteksyon ng mga mamimili at pagtutugma ng mga presyo.

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    Study Notes

    Product and Service Pricing

    • Products and services are priced based on producers' agreements.
    • Equilibrium is a state where buyers and sellers agree on the price.
    • Equilibrium price is the agreed-upon price between consumers and producers.
    • Equilibrium quantity refers to the amount of a product ready for sale.

    Market Structures

    • Monopoly: One producer controls the market, with unique goods or services. (Examples: Meralco, Manila Water).
    • Monopsony: One consumer controls a market; multiple producers cater to one consumer. (Examples: Government agencies, the military).
    • Oligopoly: A few producers dominate the market and offer similar goods (Examples: cement, steel).
    • Perfect Competition: Many producers offer similar goods; no one producer controls the market.

    Market Imbalances

    • Surplus: Supply exceeds demand, prices usually fall.
    • Shortage: Demand exceeds supply, prices usually increase.
    • Price Ceiling: To ensure affordability, governments fix maximum prices, impacting supply dynamics.
    • Subsidy: Government supports producers by providing funds to promote production or lower the cost for consumers.
    • Collusion: Producers illegally conspire to fix prices or reduce competition.
    • Hoarding: Stockpiling goods to raise future prices.
    • Patent: A license granted by governments to businesses for exclusive rights to a product or process. This encourages innovation and investment.
    • Copyright: Protects creative works of individuals preventing others from making copies.
    • Republic Act 7581: Consumer rights law; national price coordination council monitors price ceiling implementation.

    Market Structures and Competition

    • Perfect competition is an idealized market structure characterized by many buyers and sellers, homogeneous products, free entry and exit, and perfect information.
    • Imperfect competition occurs when any of these conditions aren't met. Examples would include monopoly, monopsony, oligopoly & monopolistic competition.
    • Monopolistic competition occurs when there are many producers and sellers, but the products they offer are differentiated in some way (e.g., branding, quality, features).
    • Complete competition has characteristics including identical products, many producers and buyers, freedom for producers to enter or exit the market.

    Market Concepts

    • Demand: The consumer's willingness to buy based on price.
    • Supply: The producer's willingness to sell based on pricing.

    Consumer Rights

    • Republic Act 7581: A law that grants specific consumer rights, such as the right to have fair prices.

    Government Role

    • Government regulates market structures to ensure fair competition
    • Set price ceilings to control prices.
    • Implement subsidies to lower prices of products that are important to citizens to ensure accessibility.

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    Description

    This quiz covers key concepts in economics regarding product and service pricing, market structures, and market imbalances. Understand terms like equilibrium price, monopoly, and oligopoly while exploring how supply and demand affect pricing dynamics.

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