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Topic 4 Vocabulary
Even #'s
| Question | Answer |
|---|---|
| commodity | a product such as petroleum or milk that is considered the same no matter who produces or sells it |
| imperfect competition | a market structure that fails to meet the conditions of perfect competition |
| monopoly | a market in which a single seller dominates |
| natural monopoly | a market that runs most efficiently when one large firm supplies all of the output |
| franchise | a contract that gives a single firm the right to sell its goods within an exclusive market |
| market power | the ability of a company to control prices and total market output |
| differentiation | making a product different from other, similar products |
| oligopoly | a market structure in which a few large firms dominate a market |
| collusion | an illegal agreement among firms to divide the market, set prices, or limit production |
| cartel | a formal organization of producers that agree to coordinate prices and production |
Created by:
braxbryse
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