Econ Chapter 7 Section 1-2 Quiz

Question or Hint Answer or Word

economies of sale occurs when the average cost of producation falls as the producers grows larger
perferct competition the ideal model of a market economy
government monoply exists when the governement either owns and runs the business or authorizes only one producer
imperfect competition occurs in market that have few sellers or products that are not standardized
price market is a firm that does not have to consider competitiors when settign prices of its products
cartel is a group that acts together to set prices and limit output
price taker a business that accpets the market price determined by supply and demand