Ch.+7+Review

Ch. 7 Review pg 178 #'s 1-7, 9-13

1. price discrimination 2. perfect competition 3. oligopoly 4. commodities 5. patent 6. natural monopoly 7. collusion 9. Buying or selling stocks is a competitive field in which firms produce a product in large quantities 10. natural monopolies are firms that provide natural goods such as water, natural gas, gasoline, ect. Government monopolies are created by the government and are regulated and completely controlled by the government 11. Many firms. few artificial barriers to entry, slight control over price, and differentiated products 12. They will get rid of any monopoly, and they encourage competition because prices on products will go down and there will be more product choices 13.monopolistically competition is very similar to perfect competition. They will make zero profits due competition will cause demand to decrease while the overall cost to produce will increase.