Vocabulary worksheet Ch. 6&7
1. Monopoly
2. Price ceiling
3. Antitrust laws
4. Surplus
5. Perfect competition
6. Monopolistic competition
7. Equilibrium
8. Patent
9. Shortage
10. Economies of scale
11. Imperfect competition
12. Black market
13. Price fixing
14. Natural monopoly
15. Government monopoly
16. Oligopoly
A. The point at which quantity demanded and quantity supplied are equal.
B. A maximum price that can be legally charged for a good or service.
C. Situation in which quantity supplied is greater than quantity demanded.
D. Situation in which quantity demanded is greater than quantity supplied.
E. A market in which goods are sold illegally.
F. A market structure in which a large number of firms all produce the same product.
G. A market structure that does not meet the conditions of perfect competition.
H. A market dominated by a single seller.
I. Factors that cause a producer’s average cost per unit to fall as output rises.
J. A market that runs most efficiently when one large firm supplies all of the output.
K. A monopoly created by the government.
L. A license that gives the inventor of a new product the exclusive right to sell it for a certain period of time.
M. A market structure in which many companies sell products that are similar but not identical.
N. A market dominated by a few large firms.
O. An agreement among firms to charge one price for the same good.
P. Laws that encourage competition in the marketplace.
1. Monopoly
2. Price ceiling
3. Antitrust laws
4. Surplus
5. Perfect competition
6. Monopolistic competition
7. Equilibrium
8. Patent
9. Shortage
10. Economies of scale
11. Imperfect competition
12. Black market
13. Price fixing
14. Natural monopoly
15. Government monopoly
16. Oligopoly
A. The point at which quantity demanded and quantity supplied are equal.
B. A maximum price that can be legally charged for a good or service.
C. Situation in which quantity supplied is greater than quantity demanded.
D. Situation in which quantity demanded is greater than quantity supplied.
E. A market in which goods are sold illegally.
F. A market structure in which a large number of firms all produce the same product.
G. A market structure that does not meet the conditions of perfect competition.
H. A market dominated by a single seller.
I. Factors that cause a producer’s average cost per unit to fall as output rises.
J. A market that runs most efficiently when one large firm supplies all of the output.
K. A monopoly created by the government.
L. A license that gives the inventor of a new product the exclusive right to sell it for a certain period of time.
M. A market structure in which many companies sell products that are similar but not identical.
N. A market dominated by a few large firms.
O. An agreement among firms to charge one price for the same good.
P. Laws that encourage competition in the marketplace.