What I learned from taking 3 quizzes:
1. In perfect competition, the many buyers and sellers must act independently. Otherwise, a group of buyers or sellers acting together could influence prices.
2. Under perfect competition, sellers offer identical products; this way buyers make purchasing decisions primarily on price.
3. If there are any barriers to entry in a market, sellers cannot compete easily and fully. Barriers to entry are factors that make it difficult for sellers to enter or exit a market.
4. The main goal of product differentiation and nonprice competition is to increase profits. If a seller can increase demand for its product, the market price may increase, resulting in greater profits.
5. Oligopoly is the most common noncompetitive market in the United States. An oligopoly is a market structure in which a few large sellers control most of the production of a good or service
6. Interdependent Pricing- being responsive to or dependent on the pricing actions of competitors
7. Under price leadership one of the largest sellers takes the lead by setting a price.
8. A cartel is a group of companies openly organized to set prices. Cartels are illegal in the US.