Directions: Please match the definition in questions 1-10 to the appropriate ter

Question

Directions: Please match the definition in questions 1-10 to the appropriate term from the list below. Each question in this section is worth one (1) point.

1.     A type of market with identical products and no potential for long-run profit            ____________

2.    A U.S. public law that protects consumers by making attempts to

            monopolize an industry illegal                                                                      ___________

3.     This is equal to average revenue at all quantities for a competitive firm            ___________

4.     Costs such as labor and materials that change with the quantity produced            ___________

5.     A U.S. public law enacted to prevent "contracts, combinations, and

            conspiracies" in restraint of trade                                                                  ___________

6.     A type of market in which strategic interaction is key to prices and profits            ___________

7.     Part of the Justice Dept. that opposes monopolies and contests mergers            ___________

8.     Costs such as land and equipment that do not change with quantity produced            ___________

9.     Term for a reduction in average total cost as quantity increases                      ___________

10.   A type of market featuring free entry and exit and differentiated products             ___________   

            A.     Antitrust Division                      G.      Monopolistic competition

            B.     Criminal Division                      H.      Monopoly

            C.     The Clayton Act (1914)             I.        Oligopoly

            D.     Economies of scale                    J.       Perfect competition

            E.     Fixed costs                                 K.      The Sherman Act (1890)

            F.    Marginal revenue                       L.       Variable costs

Explanation / Answer

1.     A type of market with identical products and no potential for long-run profit Perfect competition

2.    A U.S. public law that protects consumers by making attempts to

monopolize an industry llegal The Sherman Act (1890)

3.     This is equal to average revenue at all quantities for a competitive firm  Marginal revenue                      

4.     Costs such as labor and materials that change with the quantity produced   Variable costs

5.     A U.S. public law enacted to prevent "contracts, combinations, and conspiracies" in restraint of trade  The Clayton Act (1914)            

6.     A type of market in which strategic interaction is key to prices and profits  Oligopoly

7.     Part of the Justice Dept. that opposes monopolies and contests mergers  Antitrust Division                     

8.     Costs such as land and equipment that do not change with quantity produced Fixed Costs                                

9.     Term for a reduction in average total cost as quantity increases Economies of scale                   

10.   A type of market featuring free entry and exit and differentiated products Monopolistic competition  

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