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Chapter 7 (Market)

Economics Honors

Perfect Competition Firms all produce the same product and no single seller controls supply or prices
Commodity Product that is the same no matter who produces or sells it
Barrier to Entry Any fator that makes it difficult to a new firm to enter a market
Imperfent Competition Fails to meet the conditions of perfect competition
Start-up Cost A new business must pay before it can begin to produce and sell goods
Monoply Single seller dominates
Economies of Scale Factors that cause a produccer's average cost to fall as output rises
Natural Monoply market runs most efficiently when one large firm supplies all of the output
Government Monopoly monopoly created by the government
Patenet License, gives inventor of a new product the exclusive right to sell it for a specific period of time
Frachise Contract that ives a single firm the right to sell its goods within an exclusive market
License A government-issued right to operate a business
Price Discrimination the division of comsumers into groups based on how much they will pay for a good
Market Power The ability of a company to control prices and total market output
Momopolistic Competition A market structure in which many companies sell products that are similar but not identical
Differentiation Making a product different from other, similar product
Nonprice Competition A way to attract customers throught style, service, or location, but not a lower price
Oligopoly A market structure in which a few large firms dominate a market
Price War A series of competitve price cuts that lowers the market price below the ocst of production
Collusion An illegal agreement amoung firms to divide the market, set prices, or limit production
Price fixing An agreement amoung firms to change one orice for the same good
Cartel A formal organization of producers that agree to coordinate prices and production
Predatory Pricing selling a product below cost for a short period of time to drive competition out of the market
Antitrust Laws Laws that encourage competition in the marketplace
Trust An illegal grouping of companies that discourages competition
Merger When two or more companies join together to form one firm
Deregulation The removal of some government controls over a market
Created by: chgolynne