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| In recent years the number of farms has decreased while farm size has increased. What concept explains this? |
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| In long run, what market type has allocative and productive efficiency? |
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| keeps new firms from competing on an equal basis with equal firms in an industry. |
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| what is term for single seller of product with no close substitues? |
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| What enables DeBeers to have monopoly powers? |
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| why would jewelers be willing to hold large inventories of diamonds? |
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| b/c DeBeers controls diamonds so they know that the prices won't fall |
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| what is challenging DeBeers control of the diamond market? |
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| What type of market has many firms each selling a slightly different product? |
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| Why would collusion among firms to raise prices be rare in monopolistic competitive markets? |
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| What type of market: businesses ignore effect on other businesses b/c small relative to market? |
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| What market structures produce differentiated products? |
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| monopolistic and oligopolistic |
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| Why would a firm in monopolistic competitive market not want to raise its prices? |
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| people will turn to competitors |
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| Domestic auto industry is an example of what type of market structure? |
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| What type of market structure would not need advertising to differentiate products? |
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