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Econ. Ch. 8 Vocab.

TermDefinition
market structure the extent to which competition prevails in particular markets
perfect competition market situation in which there are numerous buyers and sellers, and no single buyer or seller can affect price
monopoly market situation in which a single supplier makes up an entire industry for a good or service with no close substitutes
barriers to entry obstacles to competition that prevent others from entering a market
economies of scale low production costs resulting from the large size of output
patent exclusive right to make, use, or sell an invention for a specified number of years
copyright exclusive right to sell, publish, or reproduce creative works for a specified number of years
oligopoly industry dominated by a few suppliers who exercise some control over price
product differentiation manufacturers’ use of minor differences in quality and features to try to differentiate between similar goods and services
cartel arrangement among groups of industrial businesses to reduce international competition by controlling the price, production, and distribution of goods
monopolistic competition market situation in which a large number of sellers offer similar but slightly different products and in which each has some control over price
interlocking directorate a board of directors, the majority of whose members also serve as the board of directors of a competing corporation
antitrust legislation federal and state laws passed to prevent new monopolies from forming and to break up those that already exist
merger the legal combination of two or more companies that become one corporation
conglomerate large corporation made up of smaller corporations dealing in unrelated businesses
deregulation reduction of government regulation and control over business activity
Created by: hcmeek
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