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Fratrik Honors Econ

Unit Three Vocab - Market Structures

QuestionAnswer
Market Structure An economic model that allows economics to examine competition among businesses in the same industry.
Perfect competition The ideal model of a market economy.
standardized product A product that consumers consider identical in all essential features to other products in the same market.
imperfect competition Market structures that lack one of the conditions needed for perfect competition.
monopoly Market structure in which only one seller sells a product for which there are no close substitutes.
price maker A business that does not have to consider competitors when setting its prices.
barrier to entry Something that hinders a business from entering a market.
natural monopoly Market situation in which the costs of production are lowest when only one firm provides output.
government monopoly Exists because the government either owns and runs the business or authorizes only one product.
technological monopoly Exists because a firm controls a manufacturing method, an invention, or a type of technology.
geographic monopoly Exists because there are no other producers or sellers within a certain region.
patent A legal registration of an invention or a process that gives the inventor the exclusive property rights to that invention or process for a certain number of years.
monopolistic competition One of the most common market structures, in which many sellers offer similar, but not standardized, products.
product differentiation The attempt to distinguish a product from a similar product.
nonprice competition Using factors other than low price to try to convince customers to buy one product rather than another.
antitrust legislation Laws that define monopolies and give government the power to control them and break them up.
price fixing When businesses work together to set the prices of competing products.
price taker A business that cannot set the prices for its products but, instead, accepts the market price set by the interaction of supply and demand.
Created by: fratrik
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