Economics Ch. 7 Study Guide

Vocabulary: pg. 151, 156, 166 & 172
1. What is a market structure dominated by one large seller?
2. Why must perfectly competitive markets always deal in commodities?
3. Why does government allow natural monopolies?
4. What kinds of government monopolies exist?
5. What is an oligopoly?
6. What is a cartel?
7. Why are economists skeptical about most claims of predatory pricing?
8. Why did the government pass antitrust laws?
9. What are some examples of industries that have been deregulated since the 70s and 80s?
10. What have been the benefits of deregulation?

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