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economics
chapter 7 vocab
| Question | Answer |
|---|---|
| laissez-faire | philosophy that government should not interfere with business activities |
| market structure | nature and degree of competition among firms in the same industry |
| perfect competition | market structure with many well-informed and independent buyers and sellers who exchange identical products |
| imperfect competition | market structure that does not meet all conditions of perfect competition |
| monopolistic competition | market structure that meets all conditions of perfect competition except identical products |
| product differentiation | real or imagined differences between competing products in the same industry |
| nonprice competition | sales strategy focusing on a products appearance, quality, or design rather than its price |
| oligopoly | market structure in which a few large sellers dominate the industry |
| collusion | agreement, usually illegal, among producers to fix prices, limit output, or divide markets |
| price-fixing | agreement, usually illegal, by firms to charge the same for a product |
| monopoly | market structure with a single seller of a particular product |
| natural monopoly | market structure where average costs of production are lowest when a single firm exists |
| economies of sale | situation in which the average costs of production falls as a firm gets larger |
| geographic monopoly | market structure in which one firm has a monopoly in a geographic area |
| technological monopoly | monopoly based on a firms ownership or control of a production method, process, or other scientific advance |
| government monopoly | monopoly owned and operated by the government |
| market failure | condition that causes a competitive market to fail |
| public goods | goods or services whose benefits are available to everyone and are paid for collectively |
| externality | economic side effect that affects an uninvolved third partyq |
| negative externality | harmful side effect that affects an uninvolved third party |
| positive externality | beneficial side effect that affects an uninvolved third party |
| trust | illegal combination of corporations or companies organized to hinder competition |
| price descrimination | practice of selling the same product at different prices to different buyers |
| cease and desist order | ruling requiring a company to stop an unfair business practice that reduces or limits competition |
| public disclosure | requirement that a business reveal information about its product or its operations to the public |
Created by:
cruz14