The Good That Competion Does
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| This is a group of firms that produce similar products or provide similar services. | Industries
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| This is a market in which there are many sellers and buyers and all firms produce a standardized product and the firms have free access to the market and all relevant information is available to all sellers and buyers. This is 1/4 types of market models | Perfect Competition
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| This is a firm that has no real control over the price it receives for its products | Price taker
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| This is the situation that arises when a single firm is the only supplier of a good for which there is no substitute and the entry into the market for this item is blocked. This is the second out of four types of market models | Monopoly
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| This is a type of monopoly that is protected by the government to encourage production. Examples of this is patents, trademarks, and copyrights | Legal monopolies
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| This is a type of monopoly that occurs when a single firm can satisfy the demand for a good more efficiently than could multiple firms. Examples of this is electric companies, the water company and the distributer of natural gas | Natural monopoly
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| This is a type of market in which there are a large number of firms that provide differentiated products and has free access to the market. This is the type of market we are accustomed to in America. This is the third out of four types of market models. | Monopolistic Competition
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| This is a type of market in which there are only a few firms, the products are either differentiated or virtually the same, and potential competitors are discouraged from entering by barriers. Example is automible industry. | Oligopoly
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| This is a situation in which firms secretly agree on how much to produce, where to sell, and what prices to charge. This often occurs in oligopolistic market. | Collusion
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| This is a type of law that focuses on governmental regulation and prohibit certain monopolistic practices | Antitrust laws
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| This is a law that congress passed in 1890 that made it a criminal offense to monopolize or restrain trade. This is considered the first and most important of all the antitrust laws | Sherman Act
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| This is a collusion of business which join together to restrict or eliminate competition | Trust
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| This Antitrust law was passed in 1914 to make certain businesses practices that were not specifically mentioned in previous laws illegal. | Clayton Act
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| This is a binding agreement that obliges a consumer who wishes to buy a certain product from a business to purchase other types of products from that same firm. | Tying agreement
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| This is the illegal practice of charging different consumers different prices for the same product | Price discrimination
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| This is a governmental agency, also known as FTC, whose whole purpose is to investigate businesses trade practices | Federal Trade Commission
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Created by:
Leslie Spark
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