study material for economics Vocab CH 7 - Ponder
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| perfect competition | theoretical situation in which well-informed, independent buyers and sellers exchange identical products
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| price-fixing | - agreeing to charge the same or similar prices
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| externality | unintended side effect that either benefits or harms a third party not involved in the activity
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| product differentiation | real or imagined differences between competing products
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| negative externality | unwanted harm, cost, or inconvenience suffered by a third party because of the actions of others
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| natural monopoly | market situation in which costs are minimized because a single firm produces the product
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| laissez-faire | belief that government should not interfere with commerce or trade
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| oligopoly | market structure in which a few very larger sellers dominate the industry
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| collusion | formal agreement to set prices or to behave in a cooperative manner
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| price war | series of competitive price cuts by all sellers that leads to unusually low prices
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| monopoly | market structure with only one seller of a product
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| public goods | products that are collectively consumed by everyone
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| patent | exclusive right to manufacture, use, or sell any new and useful machine, manufacture, or composition of.matter
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| imperfect competition | market structure that lacks one or more of the conditions of perfect competition
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| copyright | exclusive right of authors and artists to publish, sell, or reproduce their work
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