2.  Numerous buyers & sellers  Identical products  No price competition  Perfect information  Easy to enter

3.  FARMING & TRUCKING INDUSTRIES

4.  Similar but differentiated products & sellers have limited control over prices  Advertising Question #2?

5.  Market structure in which only a few sellers offer a similar product OPEC

6.  They do the same thing, they move together Collusion  A formal agreement to set prices

7.  It may knock people out of business

8.  “Bags fly free”  “Hungry? Why wait?”  “The un-cola”  “The Beauty of All-wheel drive”  “I’m loving it”  “Zoom-Zoom”  “Live in your world. Play in ours.” http://www.ad-mad.com/slogans

9.  A market situation with only one seller of an economic product that has no close substitutes

10.  Costs of production are lowest when only one firm provides output  It provides a good or service at a lower cost

11.  Because no other business in the immediate area offers any competition

12.  Is a monopoly that exists because the firm controls a manufacturing method, an invention, or a type of technology.  They are patented & copyrighted

14.  Because the government either owns and runs the business or authorizes only one producer Exclusive right to deliver first-class mail Why has this monopoly eroded over the years?

15.  British East India Tea Company (1600’s)  Western Union (late 19 th century)  Standard Oil (1911)  MLB (1922… still disputed 2009)  NFL (convicted in the 1980’s)  DeBeers (price fixing in 2000’s)  Microsoft (settled in 2001)

16. CARTEL

17. OPEC: ORGANIZATION OF THE PETROLEUM EXPORTING COUNTRIES Ecuador Venezuela Nigeria Libya Algeria Iraq Iran Kuwait Saudi Arabia IndonesiaAngola The Price of Oil http://www.cbsnews.com/video/watch/?id=4713382n&tag=content Main;contentBody

19. PROMOTING COMPETITON PROTECTION CONSUMERS ENSURING A LEVEL PLAYING FIELD Antitrust legislation gives the government the power to break up monopolies and prevent new monopolies from forming Many government agencies protect consumers from the effects of dishonest businesses The government also tries to prevent business practices that reduce competition.

20. DEREGULATING INDUSTRIES Opens up industries to increased competition, which leads to lower prices for consumers