Monopoly and Oligopoly

a monopoly

An industry that contains a firm that is the only producer of a good or service for which there are no close substitutes and for which entry by potential rivals is prohibitively difficult is: 

higher barriers, a single or dominant seller, a product with no close substitutes

A monopoly is a market characterized by: (select all that apply) (high barriers to enter and exit, a single or dominant seller, a large number of small firms, a product with no close substitutes)

 

is the only seller in a small town or community

A location-based or geographic monopoly is most likely to result if a single firm: 

a monopoly

If Google search engine has a 92% market share of all internet searches; this can best be classified as:

consumers have a few choices, and they are economically inefficient

A statement that best reflects an evaluation of monopoly firms is that: (select all that apply)(consumers are given more choices, lower costs, and higher quality, competition should replace all monopolies, consumers have few choices, they are economically inefficient)

 

they have a great deal of market power

A statement that best reflects an evaluation of monopoly firms is that: 

oligopoly

An industry dominated by a few firms, where each of those firms recognizes that its own choices will affect the choices of its rivals and that its rivals' choices will affect it, is a(n): 

antitrust laws

Laws that are supposed to prevent monopolies and maximize consumer welfare are known as?

concentration ratio

The percentage of total industry output accounted for by the largest firms in the industry is the:

duopoly

An industry with two firms is generally termed: 

tactic collision

An unwritten, unspoken agreement through which firms limit competition among themselves is: 

overt collision

If the only two firms in an industry openly agree to fix the price at a given level, then this is an example of: 

game theory

An analytical approach through which strategic choices can be assessed is called: 

oligopoly

If an industry has over 100 companies, but the largest four companies have 18%, 11%, 15% and 10% market share for a combined market share of 54% for the four largest companies, then this would be considered what level of competition?

horizontal merger

If two companies combine that are both in the same industry, it is considered which type of merger?