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Chapter 11 Key Terms

ECO 251

TermDefinition
pure monopoly a market where there is one supplier of a product for which there are no close substitutes
barriers to entry obstacles which make it more difficult or less profitable for new firms to enter an industry
regulatory barriers when government laws or regulations restrict competition by limiting entry
natural barriers when a smaller number of firms can supply the product to the market at a lower average cost because of economies of scale
strategic barriers when existing firms enact policies which attempt to limit other firms from entering the market
market power the ability of a firm to control the price of its product
price discriminmation when a firm sells the same product at different prices to different customers even though there are no differences in the costs
Created by: SavanahT
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