Market Structures

1. When one firm sets its price first and other firms follow it is called price ____
4. Gives the inventor the sol rights to profit from that particular work or invention
5. When there is only one buyer of a good
7. When sellers cooperate to raise their joint profits
9. When companies are prevented from entering a market they are experiencing a _____ to entry
11. The value of _____ (2 words) comes from enabling its users to participate in a network of other users
12. Government efforts to prevent oligopolistic industries from becoming or behaving like monopolies (3 words)
13. When one firm is able to influence price they have market ____
16. This strategy starts with cooperation and shits to imitating what the other player did the previous period (3 words)
17. When firms limit production and raise prices in a way that raises one another’s profits without a formal agreement it is called ____ collusion (2 words)
19. When there are only a few producers in an industry
20. When competitors collaborate to set the price of a good, it is called price ____

2. When there are only two firms operating in an industry
3. When each firm has an incentive to cheat but both are worse off if both cheat
6. _____ competition exists when no one supplier or producer can influence price and therefore supply equals demand
8. When a seller charges different prices to different consumers it is called price ____
10. When one company controls an industry
11. A ____ monopoly is created and sustained by increasing returns to scale; this is most prevalent in the area of public utilities
14. A temporary monopoly in the use or sale of an invention
15. An agreement among several producers to restrict output in order to drive up prices
18. When the government establishes a public agency to provide a particular good it is called ___ (2 words)