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Econ 7 Vocab

QuestionAnswer
Market structure in which a few large sellers dominate the industry Oligopoly
Market structure that does not meet all conditions of perfect competition Imperfect Competition
Ruling requiring a company to stop an unfair business practice that reduces or limits competition Cease and desist order
Illegal combination of corporations or companies organized to hinder competition Trust
Beneficial side effect that affects an uninvolved third party Positive externality
Harmful side effect that affects an uninvolved third party Negative externality
Goods or services whose benefits are available to everyone and are paid for collectively Public goods
Condition that causes a competitive market to fail Market Failure
Monopoly based on firms ownership or control of a production method, process, or other scientific advance Technological
Market structure that meets all conditions of perfect competition except identical products Monopolistic Competition
Market Structure in which one firm has a monopoly in a geographic area Geographic
Situation in which the average cost of production falls as a firm gets larger Economies of Scale
Market structure where average production are lowest when a single firm exists Natural monopoly
To act together in secret with a single seller of a particular product Monopoly
To act together in secret, especially with harmful or illegal intent Collude
Agreement, usually illegal, among producers to fix prices, limit output, or divide markets Price Fixing
Sales strategy on a product's appearance, quality, or design rather than its price Collusion
Real or imagined difference between competing products in the same industry Non price competition
Real or imagined differences between competing products in the same industry Product differentiation
Market structure with many well-informed and independent buyers and sellers who exchange identical products Perfect competition
A monopoly owned and operated by the government Government
Nature and degree of competition among firms in the same industry Market structure
Requirement that a business reveal information about its products or its operations to the pubilic Public disclosure
Practice of selling the same product at different buyers Price Discrimination
Created by: srss99
 

 



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