Save
Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't know (0)
Remaining cards (0)
Know (0)
0:00
share
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Microeconomics

Chapter 10

TermDefinition
Relevant Market The set of goods whose cross elasticities with others in the set are relatively high and whose cross elasticities with goods outside the set are relatively low.
Market Structure A set of market characteristics such as number of firms, ease of firm entry, and substitutability of goods.
Mutual Interdependence Any price change made by one firm in the oligopoly affects the pricing behavior of all other firms in the oligopoly.
Monopoly A market structure consisting of one firm producing a good that has no close substitutes. Firm entry is impossible.
Industry A collection of firms producing the same good.
Natural Monopoly The result of a combination of market demand and firm's costs such that only one firm is able to produce profitably in a market.
Patent A monopoly right on the use of a specific new technology or on the production of a new good. The monopoly right is awarded to and safeguarded by the government to the firm who introduces the new technology or good.
Monopolistic Competition A market structure consisting of many firms producing goods that are close substitutes. Firm entry is possible but is less open and easy than in perfect competition.
Oligopoly A market structure consisting of only a few firms producing goods that are close substitutes.
Brand Loyalty The willingness of consumers to continue buying a good at a price higher than the price of its close substitutes.
Market Share The percentage of total market sales produced by a particular firm in a market.
Perfect Competition A market structure consisting of a large number of firms producing goods that are perfect substitutes. Firm entry is open and easy.
Product Differentiation The physical or perceived differences among goods in a market that make them close, but not perfect, substitutes for each other.
Created by: boylel13
 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards