Types of Monopoly
Draw a line to connect the term w/ the example
Natural
Monopoly
Railroads, tap water, and
utilities
Geographical
monopoly
Patents, Microsoft Windows
OS
Technological
monopoly
Single gas station in a small town
5 Necessary
Conditions to
Characterize
Perfectly
Competitive
Markets
Circle one of the two
options
(large/small) number of
1buyers
and sellers, no
single buyer or seller is
large enough or powerful
enough to affect the price
A
public
commission
approves
prices for the services of companies
such as television, water, and
electricity
CHAPTER 7
ECONOMICS
Name
Date
2 Buyers and
4 Buyer and
sellers deal
(identical/different)
products
sellers are
(uninformed/wellinformed)
3 Each buyer
5 Buyers and
and seller acts
(dependently/
independently)
sellers are
(free/restricted) to
enter-into, conduct,
or get out of business
What are the effects of
inadequate competition?
Inefficient resource
allocation, artificial
shortages, economic and
political power for large
corporations
What is the Sherman
Antitrust Act of 1890?
first significant law
against monopolies with
the intent to “protect
trade and commerce
against unlawful
restraint and monopoly