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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
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