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Economics 7

TermDefinition
many buyers and sellers, identical products, informed buyers/sellers, entry/exit 4 ways for perfect competition
commodity product that is the same no matter who produces it
milk example of a commodity
imperfect competition market structure that does not meet the conditions of perfect competition
start-up costs expenses a firm must pay before it can begin to produce and sell goods
start-up costs example of barriers to entry
monopoly market dominated by a single seller
patent license that gives the inventor of a new product the exclusive right to sell it for a certain period of time
franchise the right to sell a good/service within an exclusive market
fast food chains example of franchise
license government issued right to operate a business
natural monopoly market that runs most efficiently when one large firm supplies all of the output
water, gas, electricity example of natural monopoly
monopolistic competition market structure in which many companies sell products that are similar but not identical
gas stations, retail stores, jeans example of monopolistic competition
many firms, few artificial barriers, slight control over price, differentiated products four conditions for monopolistic competition
differentiation making a product different from other similar products
nonprice competition a way to attract customers through style, service, or location
physical characteristics, location, service level, advertising 4 forms of nonprice competition
oligopoly market structure in which a few large firms dominate a market
70-80% considered an oligopoly when 4 largest firms produced what percent of output
Sherman Antitrust Act outlawed mergers and monopolies that limit trade between states
standard oil and AT&T example of monopolies
merger combination of two or more companies into a single firm
Created by: pace_sauce
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