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POB READY, SET, COMPETE

memorize.ai (lvl 286)

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25 cards

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Section 1

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Robinson-Patman Act:

Front

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Competition Prep

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Last updated

6 years ago

Date created

Mar 1, 2020

Cards (25)

Section 1

(25 cards)

Robinson-Patman Act:

Front

A federal regulation that prohibits price discrimination

Back

Celler-Kefauver Antimerger Act:

Front

A federal regulation intended to protect competitors from takeovers that would limit competition

Back

Regulated monopoly:

Front

Monopoly that the government allows to exist legally

Back

Exclusive agreement:

Front

An illegal agreement that forbids customers from buying goods and services from competitors

Back

Federal Trade Commission Act:

Front

A federal regulation that established a regulatory agency, the Federal Trade Commission (FTC), to monitor business activities in order to prevent unfair competition

Back

Monopolistic competition:

Front

A type of market structure in which a lot of businesses sell similar products that have only a few differences

Back

Price fixing:

Front

Illegal business agreement in which businesses agree on prices of their goods or services, resulting in little choice for the customer

Back

Competition:

Front

The rivalry among two or more businesses to attract scarce customer dollars

Back

Price discrimination:

Front

An illegal activity in which a business charges different customers different prices for similar amounts and types of products

Back

Nonprice competition:

Front

A type of rivalry between or among businesses that involves factors other than price (e.g., customer services, modern facilities, trained personnel, and variety of products)

Back

Monopoly:

Front

A type of market structure in which a market is controlled by one supplier, and there are no substitute goods or services readily available

Back

Indirect competition:

Front

Rivalry between or among businesses that offer dissimilar goods or services

Back

Tying agreements:

Front

An illegal agreement requiring a customer to buy other products in order to obtain desired goods and services

Back

Perfect competition:

Front

A market structure in which there are many businesses selling a lot of identical products for about the same price to many buyers; also known as pure competition

Back

Scarce: Limited

Front

Back

Price competition:

Front

A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars

Back

Oligopoly:

Front

A market structure in which there are relatively few sellers and industry leaders usually determine prices

Back

Rebate:

Front

A return of part of the price a customer pays for a good or service; usually offered by the product's manufacturer

Back

Clayton Act:

Front

A federal regulation intended to prevent specific business actions that might prohibit competition (e.g., tying agreements and exclusive agreements)

Back

Market structure:

Front

The type of market, or environment, in which businesses operate

Back

Sherman Antitrust Act:

Front

A federal regulation intended to prevent monopolies from forming and prices from being fixed

Back

Private enterprise system:

Front

An economic system in which individuals and groups, rather than the government, own or control the means of production—the human and natural resources and capital goods used to produce goods and services

Back

Direct competition:

Front

Rivalry between or among businesses that offer similar types of goods or services

Back

Standard of living:

Front

The general conditions in which people live; quality of life

Back

Efficient:

Front

Using minimum amounts of resources to the best advantage

Back