market structure correct answers the extent to which competition prevails in particular markets
perfect competition correct answers market situation in which there are numerous buyers and sellers and no single buyer or seller can affect price
monopoly correct answers market situation in which...
Economics Unit 3 (with solved solutions)
market structure correct answers the extent to which competition prevails in particular markets
perfect competition correct answers market situation in which there are numerous buyers and sellers and
no single buyer or seller can affect price
monopoly correct answers market situation in which a single supplier makes up an entire industry for a
good or service with no close substitutes
barriers to entry correct answers obstacles to competition that prevent others from entering a market
economics of scale correct answers low production costs resulting from the large size of output
patent correct answers exclusive right to make, use, or sell an invention for a specific number of years
copyright correct answers exclusive right to sell, publish, or reproduce creative works for a specified
number of years
oligopoly correct answers industry dominated by a few suppliers who exercise some control over price
product differentiation correct answers manufacturers' use of minor differences in quality and features to
try to differentiate b/t similar goods and services
cartel correct answers arrangement among groups of industrial businesses to reduce international
competition by controlling the price production and distribution of goods
monopolistic competition correct answers market situation in which a large number of sellers offer
similar but slightly different products and in which each has some control over price
interlocking directorate correct answers a board of directors the majority of where member also serve as
the board of directors of a competing corporation
, antitrust legislation correct answers federal and state laws that passed to prevent new monopolies from
forming and to break up those that already exist
merger correct answers the legal combination of two or more companies that become one corporation
conglomerate correct answers large corporation made up of smaller corporations dealing in unrelated
businesses
deregulation correct answers reduction of government regulation and control over business activity
financing correct answers obtaining funds or money capital for business expansion
cost-benefit analysis correct answers a financial process in which a business estimates the cost of any
action and compares it with the estimated benefits of that action
revenues correct answers total income from sales of output
profits correct answers the amount earned after a business subtracts its costs from its revenues
debt financing correct answers raising funds for a business through borrowing
short term financing correct answers funds borrowed by a business for any period of time less than a year
intermediate term financing correct answers funds borrowed by a business for 1 to 10 years
long term financing correct answers funds borrowed by a business for a period of time more than 10 years
or fund raised by issuing stock
production correct answers process of changing resources into goods that satisfy the needs and wants of
individuals and businesses
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