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Economics Chapter 7

Market Structures

TermDefinition
market structure an economic model of competition among businesses in the same industry
perfect competition the ideal model of a market economy
price takers a business that accepts the market price determined by supply and demand (PC)
imperfect competition markets that have FEW SELLERS or products that are NOT STANDARDIZED
monopoly only one seller of a product with no close substitutes, regulated, control of prices
cartel a group that acts together to set prices and limit output
price maker a firm that DOES NOT have to consider competitors when setting the price (IM)
barrier to entry something that makes it hard for a new business to enter a market
natural monopoly when the costs of production are lowest with only one producer; public utilities
government monopoly when the government either owns and runs the business or authorizes only one producer; post office
technological monopoly when a firm controls a manufacturing method, invention, or type of technology; Polaroid camera
geographic monopoly where there are no other producers within a certain region; pro sports, remote locations
monopolistic competition MANY buyers and sellers, similar, but standardized products, limited price control, FREE to enter and exit market
oligopoly FEW sellers and MANY buyers, similar products, more price control, LITTLE freedom to enter and exit market
Created by: cochran_2017
 

 



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