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Chapter 7 (Market)
Economics Honors
| Question | Answer |
|---|---|
| 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
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