University:
Bradley University
Course:
ECO 199 | Foundational Topics in Economics
Academic year:

2023
Views:

401

Pages:

2
Author:

do3ran7ut

Fill-In – Fill in the blank using the appropriate word or phrase. 1. A market structure dominated by a few large firms is known as a(n) _____. 2. A market with exactly two dominant firms is referred to as a(n) _____. 3. The percentage of total industry sales controlled by the largest firms is measured using a _____ ratio. 4. The _____ Index is a measure of market concentration that squares each firm's market share before summing. 5. A _____ oligopoly exists when there is one dominant firm and many smaller competitors. 6. Firms in an oligopoly often engage in _____ decision-making, where they consider competitors' actions. 7. A group of firms that coordinate to act like a monopoly is called a _____. 8. _____ integration occurs when two companies at the same level of the value chain combine. 9. _____ integration involves acquiring firms at different stages of the value chain. 10. A merger between companies in unrelated industries is known as a _____ merger. 11. The first major U.S. antitrust law was the _____ Antitrust Act. 12. The act that created the Federal Trade Commission was the _____ Act of 1914. 13. The _____ Act was passed to restrict price discrimination practices. 14. Rich industrialists who created large firms through unfair business practices the late 1800s/early 1900s were often referred to as ______. 15. If a firm’s internal growth results in lower per-unit costs as output increases, it is benefiting from _____ of scale. Answers 1. oligopoly 2. duopoly 3. concentration 4. Herfindahl-Hirschmann 5. dominant firm with a competitive fringe 6. strategic 7. cartel 8. horizontal 9. vertical 10. conglomerate 11. Sherman 12. Federal Trade Commission 13. Robinson-Patman 14. robber barons 15. economies