Post 4: 8 things learned from the 3 practice quizzes

1. If there are any barriers to entry in a market, sellers cannot compete easily and fully.
2. Oligopoly is the most common noncompetitive market in the United States.
3. A collusion is when sellers secretly agree to set production levels or prices for their products.
4. Breakfast cereals are an example of an oligopoly in the United States.
5. "Trusts" are another term for huge monopolies that dominated the era of "big business".
6. "Laissez-faire" is a philosophy that states that economic systems prosper when the government does not interfere with the market in any way.
7. The Federal Trade Commission Act was passed in 1914 to investigate charges of unfair methods of competition and commerce.
8. United States never decided to return to a laissez-faire policy and end antitrust investigations.