Ch+7+Review

Ch 7 Review pg. 178 #1-7, 9-13


 * 1) price discrimination
 * 2) perfect competition
 * 3) oligopoly
 * 4) commodities
 * 5) patent
 * 6) natural monopoly
 * 7) collusion
 * 8) because the firms that own the stocks make a large amount of their product
 * 9) natural monopoly is a market that runs most efficiently when one large firm provides all of the output, government monopoly actions themselves can create barriers to entry in markets and thereby create monopoly
 * 10) Many firms, few artificial barriers to entry, slight control over price,differentiated products
 * 11) they want competition to grow that way gov. makes money by the taxes
 * 12) monopolies are just like perfect competition, because in a perfect competition large number of firms all produce the same product similar to how a monopoly work
 * 1) monopolies are just like perfect competition, because in a perfect competition large number of firms all produce the same product similar to how a monopoly work