Competition and Market Structure (182-189)
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| Market Structure | Market classification according to number and size of firms, type of product, and type of competition; nature and degree of competition among firms in the same industry.
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| Pure Competition | A theoretical market structure that requires three major conditions: very large numbers of buyers and sellers identical products, and freedom of entry and exit.
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| Industry | Group of firms producing similar or identical products
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| Perfect Competition | Theoretical market structure characterized by a large number of well informed independent buyers and sellers who exchange identical products and have freedom of entry and exit.
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| Monopolistic Competition | Market structure having all conditions of pure competition expect for identical products; a form of imperfect competition
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| Product Differentiation | Real or imagined difference between competing products in the same industry
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| Non-price competition | Competition based on a product's appearance, quality, or design, rather than its price
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| Oliogopoly | Market structure in which a few large sellers dominate the market and have the ability t affect prices in the industry; form of imperfect competition
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| Collusion | Illegal agreement among producers to fix prices, limit output, divide markets, or otherwise agree to reduce competition
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| Price-fixing | Illegal agreement by firms to charge a uniform price for a product
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| Monopoly | Market structure characterized by a single producer; form of imperfect condition
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| Laissez-faire | Philosophy that government should not interfere with business activity
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| Natural Monopoly | Market structure in which average costs of producing are lowest when all output is produced by a single firm
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| Geographic Monopoly | Market structure in which a firm has a monopoly because of its location or the small size of the market
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| Technological Monopoly | Market structure in which a firm has a monopoly because it owns or controls a manufacturing method, process, or other scientific advantage
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| Government Monopoly | Monopoly created and/or owned by the government
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