8 things learned
1.Pure Competition is an ideal market structure.
2.Under Pure Competition, sellers offer identical products.
3.If sellers compete on factors other than price, they are engaging in nonprice competition.
4.Oligopoly is the most common non-competitive market in the U.S.
5.Collusion sellers secretly agree to set prices or levels for their products.
6.The Federal Trade Commission Act was passed in 1914 to investigate charges of unfair methods of competition and commerce.
7.Standard oil was the best-known monopoly to be broken up as a result of the Sherman Antitrust Act.
8.Another word for the huge monopolies that dominated the era of "big business" is trusts.