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Midterm Lesson 4
50問 • 4ヶ月前
  • Ella Mae Hilot
    • 通報

    問題一覧

  • 1

    place where buyers and sellers are exchanging goods and services

    Market

  • 2

    Considerations in Market

    Types of goods and services being traded, The number and size of buyers and sellers in the market , The degree to which information can flow freely.

  • 3

    Kinds of Market Structure

    The Perfect Market, The Imperfect Market

  • 4

    classification system for the key traits of a market, including the number of firms, the similarity of the products they sell, and the ease of entry into and exit from the market structure.

    Market Structure

  • 5

    The Perfect Market

    Pure or Perfect Competition

  • 6

    The Imperfect Market a. Pure or perfect monopoly b. Oligopoly c. Monopolistic competition d. Monopsony e. Oligopsony f. Duopsony

    Pure of Perfect Monopoly, Oligopoly, Monopolistic Competition, Monopsony, Oligopsony, Duopsony

  • 7

    Pure or Perfect Competition

    Large number of small firms, Homogenous product, Very easy entry and exit , No artificial restrictions placed upon price or quantity , Perfect knowledge, Firms are “price takers”

  • 8

    It is a market situation wherein the conditions necessary for perfect competitions are not satisfied.

    Imperfect Market

  • 9

    Under this situation, there are few sellers which are enough to affect the market price.

    Imperfect Market

  • 10

    The term monopoly comes from the Greek words

    monos, polein

  • 11

    Monos mean

    one

  • 12

    polein

    to sell

  • 13

    He can influence and has considerable control over the price (considered as a price maker).

    Monopolist

  • 14

    Characteristics of Monopoly

    Single seller or producer, Unique product , Impossible entry , Price maker , It owns a patent or copyright.

  • 15

    Classifications of Monopoly:

    Natural Monopoly, Legal Monopoly, Coercive Monopoly

  • 16

    market situation where a single firm can supply the entire market due to the fundamental cost structure of the industry.

    Natural Monopoly

  • 17

    It arises whenever capital cost is large enough as compared to variable cost, and they have cost advantage over competitors.

    Natural Monopoly

  • 18

    This classification is common to the providers of gas, steel, and the like.

    Natural Monopoly

  • 19

    Legal Monopoly is also called?

    De jure Monopoly

  • 20

    form monopoly which the government grants to a private individual or firm over the product or service.

    Legal Monopoly

  • 21

    Most of the utilities granted with an exclusive franchise by the government such as water and electricity services enjoy legal monopolies.

    Legal Monopoly

  • 22

    form of monopoly whose existence as the sole producer and distributor of goods and services is by means of coercion (legal or illegal), so that most of the time, it violates the principle of free market just to avoid competition.

    Coercive Monopoly

  • 23

    Greek words of Oligopoly

    Oligo, polein

  • 24

    Oligo means

    few

  • 25

    Characteristics of Oligopoly

    Few sellers, Homogenous or differentiated products , Difficult entry , Control over price

  • 26

    Types of Oligopoly:

    Pure Oligopoly, Differentiated Oligopoly, Duopoly

  • 27

    those few sellers that produce identical products.

    Pure Oligopoly

  • 28

    This type of oligopoly is common in a market situation where the products sold are fairly homogeneous.

    Pure Oligopoly

  • 29

    refers to a few sellers of differentiated products, that is, value characteristics or qualities of goods vary.

    Differentiated Oligopoly

  • 30

    some instances give rise to a situation where only two producers exist in a given market.

    Duopoly

  • 31

    This type of oligopoly market is seen in the television and radio industries in which both operate in the same locality although technically, they are one company.

    Duopoly

  • 32

    refers to a market situation in which firms agree to cooperate with one another to behave as if they were a single firm and thus eliminate competitive behavior among them.

    Cartel

  • 33

    These firms agree among themselves to restrict their total output to the level that maximizes their joint profit.

    Cartel

  • 34

    The most common example is the Organization of Petroleum Exporting Countries (OPEC).

    Cartel

  • 35

    is a formal or an informal agreement among oligopolists to adopt policies that will restrict or reduce the level of competition in the market.

    Collusion

  • 36

    This usually happens in the biding process for road-development work in several regions of the country.

    Collusion

  • 37

    This is a market situation in which there are many sellers producing highly differentiated products.

    Monopolistic Competition

  • 38

    Under this condition, there is competition because many sellers offer products that are close, but not perfect, substitutes for each other.

    Monopolistic Competition

  • 39

    It has similar characteristics with perfect competition but in addition to product differentiation.

    Monopolistic Competition

  • 40

    Creates some degree of market power to monopolistic competitors, since each competitor can somewhat price without losing all its customers.

    Product Differentiation

  • 41

    Industries producing personal care products, cars, apparel, furniture, medicine, and the like are good examples of what type of Market Structure?

    Monoposlistic Competition

  • 42

    Characteristics of Monopolistic Competition

    Many small sellers, Differentiated product , Easy entry and exit , Limited control of price because of product differentiation. , Competition in the market focuses not only on price but also on product variation and promotion.

  • 43

    This is a market situation where there is only one buyer of goods and services in the market.

    Monopsony

  • 44

    Since there is only buyer, this market has the control of supply and it can reduce the number of input demanded in order to decrease the price of that particular input.

    Monopsony

  • 45

    It gives the firm the ability to control its unit cost for an input which is similar to the way the monopoly controls its price.

    Monopsony

  • 46

    This is a market situation where there is small number of buyers.

    Oligopsony

  • 47

    This is usually with a small number of firms competing to obtain the factors of production.

    Oligopsony

  • 48

    Under this market situation, firms are buyers not sellers.

    Oligopsony

  • 49

    This is sometimes analogous to oligopoly.

    Oligopsony

  • 50

    This is a market situation in which there are only two buyers but many sellers

    Duopsony

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    問題一覧

  • 1

    place where buyers and sellers are exchanging goods and services

    Market

  • 2

    Considerations in Market

    Types of goods and services being traded, The number and size of buyers and sellers in the market , The degree to which information can flow freely.

  • 3

    Kinds of Market Structure

    The Perfect Market, The Imperfect Market

  • 4

    classification system for the key traits of a market, including the number of firms, the similarity of the products they sell, and the ease of entry into and exit from the market structure.

    Market Structure

  • 5

    The Perfect Market

    Pure or Perfect Competition

  • 6

    The Imperfect Market a. Pure or perfect monopoly b. Oligopoly c. Monopolistic competition d. Monopsony e. Oligopsony f. Duopsony

    Pure of Perfect Monopoly, Oligopoly, Monopolistic Competition, Monopsony, Oligopsony, Duopsony

  • 7

    Pure or Perfect Competition

    Large number of small firms, Homogenous product, Very easy entry and exit , No artificial restrictions placed upon price or quantity , Perfect knowledge, Firms are “price takers”

  • 8

    It is a market situation wherein the conditions necessary for perfect competitions are not satisfied.

    Imperfect Market

  • 9

    Under this situation, there are few sellers which are enough to affect the market price.

    Imperfect Market

  • 10

    The term monopoly comes from the Greek words

    monos, polein

  • 11

    Monos mean

    one

  • 12

    polein

    to sell

  • 13

    He can influence and has considerable control over the price (considered as a price maker).

    Monopolist

  • 14

    Characteristics of Monopoly

    Single seller or producer, Unique product , Impossible entry , Price maker , It owns a patent or copyright.

  • 15

    Classifications of Monopoly:

    Natural Monopoly, Legal Monopoly, Coercive Monopoly

  • 16

    market situation where a single firm can supply the entire market due to the fundamental cost structure of the industry.

    Natural Monopoly

  • 17

    It arises whenever capital cost is large enough as compared to variable cost, and they have cost advantage over competitors.

    Natural Monopoly

  • 18

    This classification is common to the providers of gas, steel, and the like.

    Natural Monopoly

  • 19

    Legal Monopoly is also called?

    De jure Monopoly

  • 20

    form monopoly which the government grants to a private individual or firm over the product or service.

    Legal Monopoly

  • 21

    Most of the utilities granted with an exclusive franchise by the government such as water and electricity services enjoy legal monopolies.

    Legal Monopoly

  • 22

    form of monopoly whose existence as the sole producer and distributor of goods and services is by means of coercion (legal or illegal), so that most of the time, it violates the principle of free market just to avoid competition.

    Coercive Monopoly

  • 23

    Greek words of Oligopoly

    Oligo, polein

  • 24

    Oligo means

    few

  • 25

    Characteristics of Oligopoly

    Few sellers, Homogenous or differentiated products , Difficult entry , Control over price

  • 26

    Types of Oligopoly:

    Pure Oligopoly, Differentiated Oligopoly, Duopoly

  • 27

    those few sellers that produce identical products.

    Pure Oligopoly

  • 28

    This type of oligopoly is common in a market situation where the products sold are fairly homogeneous.

    Pure Oligopoly

  • 29

    refers to a few sellers of differentiated products, that is, value characteristics or qualities of goods vary.

    Differentiated Oligopoly

  • 30

    some instances give rise to a situation where only two producers exist in a given market.

    Duopoly

  • 31

    This type of oligopoly market is seen in the television and radio industries in which both operate in the same locality although technically, they are one company.

    Duopoly

  • 32

    refers to a market situation in which firms agree to cooperate with one another to behave as if they were a single firm and thus eliminate competitive behavior among them.

    Cartel

  • 33

    These firms agree among themselves to restrict their total output to the level that maximizes their joint profit.

    Cartel

  • 34

    The most common example is the Organization of Petroleum Exporting Countries (OPEC).

    Cartel

  • 35

    is a formal or an informal agreement among oligopolists to adopt policies that will restrict or reduce the level of competition in the market.

    Collusion

  • 36

    This usually happens in the biding process for road-development work in several regions of the country.

    Collusion

  • 37

    This is a market situation in which there are many sellers producing highly differentiated products.

    Monopolistic Competition

  • 38

    Under this condition, there is competition because many sellers offer products that are close, but not perfect, substitutes for each other.

    Monopolistic Competition

  • 39

    It has similar characteristics with perfect competition but in addition to product differentiation.

    Monopolistic Competition

  • 40

    Creates some degree of market power to monopolistic competitors, since each competitor can somewhat price without losing all its customers.

    Product Differentiation

  • 41

    Industries producing personal care products, cars, apparel, furniture, medicine, and the like are good examples of what type of Market Structure?

    Monoposlistic Competition

  • 42

    Characteristics of Monopolistic Competition

    Many small sellers, Differentiated product , Easy entry and exit , Limited control of price because of product differentiation. , Competition in the market focuses not only on price but also on product variation and promotion.

  • 43

    This is a market situation where there is only one buyer of goods and services in the market.

    Monopsony

  • 44

    Since there is only buyer, this market has the control of supply and it can reduce the number of input demanded in order to decrease the price of that particular input.

    Monopsony

  • 45

    It gives the firm the ability to control its unit cost for an input which is similar to the way the monopoly controls its price.

    Monopsony

  • 46

    This is a market situation where there is small number of buyers.

    Oligopsony

  • 47

    This is usually with a small number of firms competing to obtain the factors of production.

    Oligopsony

  • 48

    Under this market situation, firms are buyers not sellers.

    Oligopsony

  • 49

    This is sometimes analogous to oligopoly.

    Oligopsony

  • 50

    This is a market situation in which there are only two buyers but many sellers

    Duopsony