Managerial Economics - Chapter 12 - Custom Scholars
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Managerial Economics – Chapter 12

question
Monopoly
answer
A market structure characterized by a single seller of a highly differentiated product
question
Price Makers
answer
Buyers and sellers whose large transactions affect market prices
question
Monopoly Underproduction
answer
Tendency for monopoly firms to restrict output to increase prices and earn economic profits
question
Deadweight Loss From a Monopoly Problem
answer
Decline in social welfare due to the drop in mutually beneficial trade activity caused by monopoly
question
Monopoly Problem
answer
Beneficial trade activity caused by monopoly
question
Wealth Transfer Problem
answer
An unwarranted transfer of wealth measured by the transformation of consumer surplus into producer surplus
question
Natural Monopoly
answer
Market in which the market-clearing price occurs at a point at which the monopolist's long-run average costs are still declining
question
Patents
answer
Explicit monopoly rights conferred by public policy
question
Regulatory Lag
answer
Delay between when a chance in regulation is appropriate and the date it becomes effective
question
Oligopsony
answer
Market demand dominated by few buyers
question
Monopsony
answer
Market in which there is a single buyer of a desired product or input
question
Monopsony Power
answer
Ability to obtain prices below those that exist in a competitive market
question
Bilateral Monopoly
answer
Markets in which a monopsony buyer faces a monopoly seller
question
Antitrust Laws
answer
Laws designed to promote competition
question
Market Niche
answer
A segment of a market that can be successfully exploited through the special capabilities of a given firm or individual
1 of 15
question
Monopoly
answer
A market structure characterized by a single seller of a highly differentiated product
question
Price Makers
answer
Buyers and sellers whose large transactions affect market prices
question
Monopoly Underproduction
answer
Tendency for monopoly firms to restrict output to increase prices and earn economic profits
question
Deadweight Loss From a Monopoly Problem
answer
Decline in social welfare due to the drop in mutually beneficial trade activity caused by monopoly
question
Monopoly Problem
answer
Beneficial trade activity caused by monopoly
question
Wealth Transfer Problem
answer
An unwarranted transfer of wealth measured by the transformation of consumer surplus into producer surplus
question
Natural Monopoly
answer
Market in which the market-clearing price occurs at a point at which the monopolist's long-run average costs are still declining
question
Patents
answer
Explicit monopoly rights conferred by public policy
question
Regulatory Lag
answer
Delay between when a chance in regulation is appropriate and the date it becomes effective
question
Oligopsony
answer
Market demand dominated by few buyers
question
Monopsony
answer
Market in which there is a single buyer of a desired product or input
question
Monopsony Power
answer
Ability to obtain prices below those that exist in a competitive market
question
Bilateral Monopoly
answer
Markets in which a monopsony buyer faces a monopoly seller
question
Antitrust Laws
answer
Laws designed to promote competition
question
Market Niche
answer
A segment of a market that can be successfully exploited through the special capabilities of a given firm or individual
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