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Economics: Work & Prosperity, Chapters 6-7

Study Questions on Chapters 6-7
Type of market that occurs when an industry is dominated by only a few firms.p. 97.
Result when a single firm can fill the demand for a good more efficiently than if there were multiple terms. p. 93
The Federal _______________Commission is the governmental agency that investigates trade practices.p. 101.
Each firm in a perfect competitive market is known as a _____ _______.p. 91
Ability of an entity to produce a good or provide a services at an opportunity cost that is lower than his competitors.p. 115.
A monopoly produces goods for which there are no close _________.p. 93
Act that was adopted by the government in reaction to the large monopolistic trusts of the late 1800s. p. 101.
Ability of one entity to produce goods or provide services more efficiently than his competitors when given the same resources. p. 115.
When Adam Smith used the division of labor, the efficiency of the production ________.p. 110.
A perfect competition is a large number of ________ buyers. and sellers.p. 91.
The type of monopoly granted by the government. p. 93.
Group of firms that produce similar products or provide similar services. p. 90
Act of 1914 that outlawed many practices not covered by earlier laws.p. 101
Forces a consumer to purchase certain goods before he is allowed to buy what he really wants.p. 101.
Perfect competition provides ______ ______ to the market. p. 91.
_______ entry to the market is a monopoly.p. 93.
By using mass production, Henry Ford was able to reduce the _____ cost of production.p. 111.
A perfect competition produces _______ products.p. 91
One supplier of a good or service is a ______________.p. 92.
A trust is a collusion of businesses which join together to _________ or eliminate competition.p. 101.
This is the result when most or all of the firms in an industry agree to charge high prices.