Econ 7
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| Perfect competition | A large number of firms all produce the same product and no single seller controls supply or prices
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| Commodity | A product such as milk, that is considered the same no matter who produces or sells it
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| Barriers to entry | Any factor that makes it difficult for a new firm to enter a market
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| Imperfect competition | A market structure that fails to meet the condition of perfect competition
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| Two common barriers that occur to stop a new business from entering a market. | Start-up costs and technology
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| Start-up costs | Expenses that a new business must pay before it can begin to produce and sell goods
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| Monopoly | A single seller dominates a market
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| Economics of scale | Factors that cause a producer's average cost per unit to fall as output rises
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| Natural monopoly | Market that rums most efficiently when one large firm supplies all of the output
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| Government monopoly | Created by a government
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| Patent | License that gives the inventor of a new product that exclusive right to sell it for a specific period of time
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| Franchise | Contract that gives a single form the right to sell its goods within a exclusive market
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| License | a government issued right to operate a business
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| Price discrimination | Division of consumers into groups based on how much they will pay for a good
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| Market power | Ability of a company to control prices and total market output
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| Examples of price discrimination | Discounted airline fares, manufactures rebate offers, senior citizen or student discounts, children fly free or stay free promotions
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| Monopolistic competition | Market structure in which many companies sell products that are similar but not identical
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| Monopolistic competition characteristics | Many firms, few artificial barriers to entry, little control over price, differentiated products
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| Differentiation | Making a product different from other, similar products
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| Nonprice competition | A way to attract customers through style, service, or location, but not at a lower price
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| Oligopoly | A market dominated by a few large, profitable firms
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| Price war | Series of competitive price cuts that lowers the market price below the cost of production
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| Collusion | Illegal agreement among firms to divide the market, set price, or limit production
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| Price fixing | Agreement among firms to charge one price for the same good
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| Cartel | Formal organization of producers that agree to coordinate prices and production
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| Predatory pricing | Selling a product below cost for a short period of time to drive competitors out of the market
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| Antitrust laws | Laws that encourage competition in the marketplace-government watches to make sure one business isn't driving another out of the market
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| Trust | Illegal grouping of companies that discourages competition
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| Merger | When two or more companies join to form a single firm
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| Deregulation | Removal of some government controls over a market
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