D080 UNITS 3-6 - Study Guide Questions GLOBAL Update

D080 UNITS 3-6 - Study Guide Questions (GLOBAL) Update

How do monopolies hurt consumers? ✔✔lack of economic competition, corporations have the
ability to raise the market price without losing customers to competition.
_________________ are statutes developed by governments to protect consumers from
predatory business practices and ensure fair competition. ✔✔anti-trust laws
A farmers market has many vendors and consumers who all sell and buy the same produce at the
same price.
Which type of market is represented? ✔✔Pure competition
A sole, national telephone company was found violating antitrust laws and was forced to
separate into regional companies.
What caused the violation of the antitrust laws? ✔✔Reduced competition (monopoly)
Which issue was the main purpose of the creation of the European Union? ✔✔The driving issue
was that one country or region could control natural resources, such as oil or land, in a monopoly
to the detriment of other European countries.