Market Structures

2. When the government establishes a public agency to provide a particular good it is called ___ (2 words)
6. When there are only a few producers in an industry
7. A temporary monopoly in the use or sale of an invention
9. When one company controls an industry
10. _____ competition exists when no one supplier or producer can influence price and therefore supply equals demand
13. Gives the inventor the sol rights to profit from that particular work or invention
14. When a seller charges different prices to different consumers it is called price ____
15. Government efforts to prevent oligopolistic industries from becoming or behaving like monopolies (3 words)
16. When one firm sets its price first and other firms follow it is called price ____
17. An agreement among several producers to restrict output in order to drive up prices
20. When companies are prevented from entering a market they are experiencing a _____ to entry
21. 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)

1. When there are only two firms operating in an industry
3. When competitors collaborate to set the price of a good it is called price ____
4. When each firm has an incentive to cheat but both are worse off if both cheat
5. When sellers cooperate to raise their joint profits
8. This strategy starts with cooperation and shits to imitating what the other player did the previous period (3 words)
11. When there is only one buyer of a good
12. When one firm is able to influence price they have market ____
18. The value of network ___ comes from enabling its users to participate in a network of other users
19. A ____ monopoly is created and sustained by increasing returns to scale; this is most prevalent in the area of public utilities