Part 1: Read The Chapter & Preview The Quiz
Directions: Read chapter 3-3 (pages 72 through 78) in the textbook and then take the quiz below. You can preview the questions by clicking on the links in the box below.
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Part 2: Take The Quiz
Part 3: Videos & Worksheet
After you read the chapter and take the quiz, watch the video below and complete the worksheet.
Video 1
Questions Answered In Video 1 (And Article)
1.) What product example does Mr. Kazanjian highlight for pure competition? ________________
2.) Do products in pure competition markets need advertising? Yes/No
3.) What are consumers (customers) looking for in a pure competition market? Video 2:12
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4.) What is the opposite of pure competition? _______________________
5.) Does the United States government allow monopolies? Video 3:34 ________________
6.) What happens to the price of products in a monopoly? Video 3:59
______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________
7.) Look at the article referenced in the video (the link is under the video). Define what antitrust laws are.
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8.) Use the definitions above, Video 1 and the text in chapter 3-3 to compare and contrast pure competition and monopoly. ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________
1.) What product example does Mr. Kazanjian highlight for pure competition? ________________
2.) Do products in pure competition markets need advertising? Yes/No
3.) What are consumers (customers) looking for in a pure competition market? Video 2:12
______________________________________________________________________________ ______________________________________________________________________________
4.) What is the opposite of pure competition? _______________________
5.) Does the United States government allow monopolies? Video 3:34 ________________
6.) What happens to the price of products in a monopoly? Video 3:59
______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________
7.) Look at the article referenced in the video (the link is under the video). Define what antitrust laws are.
______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________
8.) Use the definitions above, Video 1 and the text in chapter 3-3 to compare and contrast pure competition and monopoly. ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________
Video 2
Questions Answered In Video 2
9.) Explain the characteristics of oligopolies and monopolistic competition.
______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________
10.) What is the most common type of economic competition?
______________________________________________________________________________
11.) Explain the graphic from the video 1:30-2:45. Why are pure competition, monopolistic competition and pure monopoly labeled under imperfect competition? Hint: Look at the price graph for pure competition on page 73 of the textbook.
9.) Explain the characteristics of oligopolies and monopolistic competition.
______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________
10.) What is the most common type of economic competition?
______________________________________________________________________________
11.) Explain the graphic from the video 1:30-2:45. Why are pure competition, monopolistic competition and pure monopoly labeled under imperfect competition? Hint: Look at the price graph for pure competition on page 73 of the textbook.