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Chapter 7

TermDefinition
Market Structure Market classification according to number of and size of firms, type of product, and type of competition; nature and degree of competition among firms in the same industry.
Pure Competition The struggle among sellers to attract consumers.
Monopolistic Competition Market structure having all conditions of pure competition except for identical products; form of imperfect competition.
Oligopoly Market structure in which a few large sellers dominate and have the ability to affect prices in the industry; form of imperfect competition.
Collusion Agreements, usually illegal among producers to fix prices, limit output, or divide markets.
Monopoly Market structure characterized by a single producer; form of imperfect competition.
Laissez-faire Philosophy that government should not interfere with business activity.
Market Failure Market where any of the requirements for a competitive market-adequate competition, knowledge of prices and opportunities, mobility of resources, and competitive profits- are lacking.
Public Good Economic products that are paid for and consumed collectively; such as highways, national defense, police and fire protection.
Externalities Economic side effect that affects an uninvolved third party.
Created by: 3zimm
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