Market Structures

4. An agreement among several producers to restrict output in order to drive up prices
7. When there are only a few producers in an industry
9. When there is only one buyer of a good
14. When the government establishes a public agency to provide a particular good it is called ___ (2 words)
16. Government efforts to prevent oligopolistic industries from becoming or behaving like monopolies (3 words)
17. A temporary monopoly in the use or sale of an invention
18. When companies are prevented from entering a market they are experiencing a _____ to entry
19. 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)
20. When one company controls an industry

1. When competitors collaborate to set the price of a good, it is called price ____
2. When sellers cooperate to raise their joint profits
3. When there are only two firms operating in an industry
5. When each firm has an incentive to cheat but both are worse off if both cheat
6. Gives the inventor the sol rights to profit from that particular work or invention
8. A ____ monopoly is created and sustained by increasing returns to scale; this is most prevalent in the area of public utilities
10. This strategy starts with cooperation and shits to imitating what the other player did the previous period (3 words)
11. When one firm sets its price first and other firms follow it is called price ____
12. The value of network ___ comes from enabling its users to participate in a network of other users
13. When a seller charges different prices to different consumers it is called price ____
14. _____ competition exists when no one supplier or producer can influence price and therefore supply equals demand
15. When one firm is able to influence price they have market ____