Market Structures
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| Laissez-faire | philosophy that gov should not interfere with business activities
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| Market Structure | nature and degree of competition among firms in the same industry
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| Perfect Competition | market structure with many well-informed and independent buyers and sellers who exchange identical products
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| Imperfect Competition | market structure that does not meet all conditions of perfect competition
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| Monopolistic Competition | market structure that meets all conditions of perfect competition except identical products
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| Product Differentiation | Real or imagined differences between competing products in the same industry
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| Nonprice Competition | sales strategy focusing on products’ appearances, qualities, or designs rather than prices
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| Oligopoly | market structure in which a few large sellers dominate the industry
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| Collusion | agreement, usually illegal, among producers to fix prices, limit output, or divide markets
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| Price-Fixing | agreement, usually illegal, among producers to fix prices, limit output, or divide markets
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| Monopoly | market structure with a single seller of a particular product
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| Natural Monopoly | market structure where average costs of production are lowest when a single firm existsq
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| Economies of Scale | situation in which the average cost of production falls as a firm gets larger
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| Geographic Monopoly | market structure in which one firm has a monopoly in a geographic area
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| Technological Monopoly | monopoly based on firm’s ownership or control of production method, process, or other scientific advancement
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| Government Monopoly | a monopoly owned and operate by the government
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| Market Failure | condition that causes a competitive market to fail
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| Public Goods | goods or services whose benefits are available to everyone and are paid for collectively
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| Externality | economic side effect that affects an uninvolved third party
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| Negative Externality | harmful side effect that affects an uninvolved third party
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| Positive Externality | beneficial side effect that affects an uninvolved third party
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| Trust | Illegal combination of corporations or companies organized to hinder competition
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| Price Discrimination | Practice of selling the same product at different prices to different buyers
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| Cease and Desist Order | Ruling requiring a company to stop an unfair business practice that reduces or limits competition
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| Public Disclosure | Requirement that a business reveal information about its products or its operations to the public
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