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Economics Chapter Seven

perfect competition a market structure in which large number of firms all produce the same product and no single seller controls supply or prices
commodity a product, such as petroleum or milk, that is considered the same no matter who produces or sells it
barrier to entry any factor that makes it difficult for a new firm to enter a market
imperfect competition a market structure that fails to meet the conditions of perfect competition
start-up costs the expenses a new business must pay before it can begin to produce and sell goods
monopoly a market in which a single seller dominates
economies of scale factors that cause a producer's average cost per unit to fall as output rises
natural monopoly a market that runs most efficiently when one large firm supplies all of the output
government monopoly a monopoly created by the government
patent a license that gives the inventor of a new product the exclusive right to sell it for a specific period of time
franchise a contract that gives 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 consumers 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
monopolistic competition a market structure in which many companies sell products that are similar but not identical
differentation making a product different from other, similar products
nonprice competition a way to attract customers through 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 competitive price cuts that lowers the market price below the cost of production
collusion an illegal agreement among firms to divide the market, set prices, or limit production
price fixing an agreement among firms to charge one price 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 competitors out of the market
antitrust laws laws that encourage competition in the marketplace
trust an illegal grouping of companies that discourages competition, similar to a cartel
merger when two or more companies join to form a single firm
dergulation the removal of some government controls over a market
Created by: sabrina.kizy



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