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Unit 3-2

Unit 3-2 Market Structures (Chapter 7)

TermDefinition
Perfect Competition A markets structure where a large number of firms all produce an identical product
Commodity A good that is the same no matter who produces it (i.e. milk, petroleum, produce)
Barrier to Entry any factor that makes it difficult for a new firm to enter the market
Start-up Costs the expenses a firm must pay before it can begin to produce and sell goods
Monopoly A market dominated by a single seller
Natural Monopoly A market that runs most efficiently when one large firm supplies all of the output (Like Georgia Power or MWA)
Government Monopoly Any monopoly created by the government
Patent Gives the inventor of a new product the exclusive rights to sell it. Creates a technological monopoly.
Franchise The right to sell a good or service within an exclusive market
License A government issued right to operate a business
Price Discrimination Division of customers into groups based on how much they will pay for a good. (i.e. student, senior, and regular pricing at movie theaters)
Monopolistic Competition Many sellers competing to sell a product that is similar, but not identical.
Nonprice Compeition a way to attract customers through style, service, or location.
Oligopoly Market structure in which a few large firms dominate the market
Price War a series of competitive price cuts that lowers the market price below production costs.
Cartel a formal organization of producers that agree to coordinate prices and production.
Created by: croper1