In the above figure, The type of good in perfect competition is (4) _________________________

Hint: A price-taker is an individual or company that must accept prevailing prices in a market, lacking the market share to influence market price on its own. In the above figure, a firm in oligopoly is (9) _____________________ 

Based on the figure above illustrating perfect competition and monopoly:which of the following is not true for a monopolist?

  ________________is a condition in which a person’s or group’s actions cause a benefit to be felt by others.  

Online retail platforms use consumer product review big data, combined with machine learning techniques, to determine whether a potential customer will make a purchase during the next year’s Thanksgiving break. This is an example of _____________.

In a cartel, several firms band together in order to act as _____________ and capture the benefits.

The excess capacity theorem states that, in equilibrium, a monopolistically competitive firm will produce an output _________  the one that would minimize its unit costs of production. 

Hint: A price-taker is an individual or company that must accept prevailing prices in a market, lacking the market share to influence market price on its own. In the above figure, a firm in monopoly is (8) _____________________ 

In the above figure, The type of good in oligopoly is (6) _________________________

* ref: Korea Summer Workshop on Causal Inference 2023 In ________________, experimental subjects are randomly split into treatment and control groups. For example, in an experimental study for a pharmaceutical pill, who receives the pill and who receives a placebo pill are randomized. The group that receives the pharmaceutical pill is control group. The group that receives the placebo pill is treatment group.