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Econ Chapter 7
Market Structures
| Term | Definition |
|---|---|
| Laissez-faire | philosophy that gov should not interfere with business activities |
| Market Structure | nature and degree of competition among firms in the same industry |
| Perfect Competition | market structure with many well-informed and independent buyers and sellers who exchange identical products |
| Imperfect Competition | market structure that does not meet all conditions of perfect competition |
| Monopolistic Competition | market structure that meets all conditions of perfect competition except identical products |
| Product Differentiation | Real or imagined differences between competing products in the same industry |
| Nonprice Competition | sales strategy focusing on products’ appearances, qualities, or designs rather than prices |
| Oligopoly | market structure in which a few large sellers dominate the industry |
| Collusion | agreement, usually illegal, among producers to fix prices, limit output, or divide markets |
| Price-Fixing | agreement, usually illegal, among producers to fix prices, limit output, or divide markets |
| Monopoly | market structure with a single seller of a particular product |
| Natural Monopoly | market structure where average costs of production are lowest when a single firm existsq |
| Economies of Scale | situation in which the average cost of production falls as a firm gets larger |
| Geographic Monopoly | market structure in which one firm has a monopoly in a geographic area |
| Technological Monopoly | monopoly based on firm’s ownership or control of production method, process, or other scientific advancement |
| Government Monopoly | a monopoly owned and operate by the government |
| Market Failure | condition that causes a competitive market to fail |
| Public Goods | goods or services whose benefits are available to everyone and are paid for collectively |
| Externality | economic side effect that affects an uninvolved third party |
| Negative Externality | harmful side effect that affects an uninvolved third party |
| Positive Externality | beneficial side effect that affects an uninvolved third party |
| Trust | Illegal combination of corporations or companies organized to hinder competition |
| Price Discrimination | Practice of selling the same product at different prices to different buyers |
| Cease and Desist Order | Ruling requiring a company to stop an unfair business practice that reduces or limits competition |
| Public Disclosure | Requirement that a business reveal information about its products or its operations to the public |
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