1. Consumers benefit the most from highly competitive markets because producers do not want to lose their businesses.
2. Sellers try to point out differences in their products from other companies in order to persuade consumers to purchase their product.
3. Breakfast cereals are a good example of an oligopoly in the United States because three companies account for $80 of all cereal sales.
4. The most common form of interdependent pricing is price leadership when one of the larger companies takes control of setting prices.
5. Cartells are illegal in the United States.
6. Trusts were prevalent in post Civil-War America.
7. Laissez-faire means "let the people do as they will do" in French.
8. The Federal Trade Commission Act was passed in 1914 to investigate charges of unfair methods of competition.