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Topic 4 Vocabulary
Even #'s
Question | Answer |
---|---|
commodity | a product such as petroleum or milk that is considered the same no matter who produces or sells it |
imperfect competition | a market structure that fails to meet the conditions of perfect competition |
monopoly | a market in which a single seller dominates |
natural monopoly | a market that runs most efficiently when one large firm supplies all of the output |
franchise | a contract that gives a single firm the right to sell its goods within an exclusive market |
market power | the ability of a company to control prices and total market output |
differentiation | making a product different from other, similar products |
oligopoly | a market structure in which a few large firms dominate a market |
collusion | an illegal agreement among firms to divide the market, set prices, or limit production |
cartel | a formal organization of producers that agree to coordinate prices and production |