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Econ

Chapter 7

TermDefinition
Pure Competition Competition in which there are many buyers and sellers there is a standardized product that buyers and sellers are well informed . There is easy entry into and out of the market and there is no control over prices
Standardized product A product group in which competeing products are nearly the same
Monoploy A market in which there is no competition. One company controls the market.
Pure monopoly A monopoly in which there is only one seller and no substitutes for a product or service.Getting into and out of the market is difficult and there is almost complete control over prices.
Natural monopoly A monopoly that is allowed to exist because competition is not needed
Patent Right of sole ownership of an invention of an item
Copyright The sole right given to writers and artisits to sell or make copies of their works
Oligopoly A type of market where there only are a few sellers. There is a nearly standardized product
Price War A series of price cuts outprice below the competition
Collusion A secret agreement between competing firms who cooperate with each other
Price fixing An agreement to sell products for the same or similar prices
monopolistic competition A type of market where there are many buyers and sellers. There is some product variation and entry into the market is easy.
Differentiate A way a company attracts buyers by providing services to those who have bought products
Warranty A promise to fix something if it does not work
Brand Name The name of a product used to identify the product quickly,often thru the use of a logo
Logo A symbol that everyone knows which is used to identify a product
Trust When a few giant companies control important industries
Reform Change to make things work better
Majority The quality or state of being greater
Price discrimination The practice of selling different buyers the same product for different prices
Merger When one business buys another
Created by: mtrampf
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